Market Bizzz

Stocks which were in focus included RIL, India’s most valued company with a market capitalization of more than Rs 18.8 lakh crore, which hit a fresh 52-week high of Rs 2,788 before closing with gains of 2.3 per cent at Rs 2,782.

China is easing monetary policy and Japan is pinning its government bond yields near zero, while overnight Federal Reserve Chairman Jerome Powell said a 50 basis-point rate hike was on the table at the next meeting in two weeks. The remark, though more or less in line with market expectations, sent five-year U.S. yields above 3% for the first time since 2018 and unwound a bounce in the euro.

High-growth stocks, including those of Alphabet Inc and Amazon.com Inc, fell as investors fretted about how the higher rate environment would impact their future growth potential. Meta Platforms Inc declined 6.2%, taking its losses in the last two days to 13.5%.

Among them, HCL Tech, ICICI Lombard, Crisil, L&T Technology may also consider interim or final dividends.

Mainland China and Hong Kong stocks fell on Thursday, hurt by worries about the Chinese economy, but an overnight tumble in longer dated U.S. treasury yields lent support to other benchmark indexes.

The Dow Jones Industrial Average rose 499.51 points, or 1.45%, to 34,911.2, the S&P 500 gained 70.52 points, or 1.61%, to 4,462.21 and the Nasdaq Composite added 287.30 points, or 2.15%, to 13,619.66.

Tata Elxsi, ICICI Securities, Angel One, Glenmark Life, JTL Infra, RIIL, Add-Shop e-retail and Indbank Merchant Banking are among the companies that will announce their March quarter results today.