Closing Bell: Sensex surges 693 pts, Nifty above 22,800; realty, IT, PSU Banks gain

Indian benchmark indices ended higher for the second consecutive session on June 6 amid volatility. The Sensex was up 692.27 points or 0.93 percent at 75,074.51, and the Nifty was up 201.10 points or 0.89 percent at 22,821.40.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Nifty witnessed a gap up opening and after consolidating during the day. It held on to the gains and closed in the green up ~201 points. On the daily charts, we can observe that the Nifty has witnessed a sharp recovery in the last couple of trading sessions and now reached the 22900 level which coincides with the 78.6% Fibonacci retracement level of the fall from 23340 – 21280.

We expect Nifty to consolidate after the sharp runup and considering it has reached a crucial resistance level the probability of a rangebound movement is high. The range is likely to be 21800 – 23000 from a short-term perspective. INDIAVIX cooled off by another 12% today and closed around 16.59 today and we expect it to cool off further as the uncertainty reduces.

Bank Nifty has also witnessed a rangebound day of trade. The RBI policy event is likely to have a bearing on the bank Nifty tomorrow. Key Support levels are placed at 48800 – 48500 while key resistance is at 49700 – 50000 zone. We expect the Bank Nifty to consolidate around 49000 for tomorrow’s trading session.

Markets edged higher, gaining nearly half a percent, continuing Wednesday’s rebound. After an initial uptick, the Nifty oscillated within a range and finally settled at 22,821.40 levels. Most sectors moved in sync with this trend, with realty, IT, and oil & gas among the top gainers. The broader indices outperformed the benchmark, gaining between 2%-3%.

It appears that markets have adjusted to the recent election results, and stability on the global front is further boosting positivity. While a breather in the index might occur after the recent rebound, the overall tone is likely to remain positive. With all key sectors participating in the move, we suggest maintaining a “buy on dips” approach, focusing on quality names during pullbacks.

Post the knee-jerk reaction in the opening trade; the Index kept compounding its gains for most part of the session, but a reversal in the Banking stocks erased half of the gains. It was all due to the IT stocks that the Index recovered and to end the session at 22,821.40 with gains of 201.05 points. From a sectoral point of view, the Realty sector was the biggest gainer, ending the day with gains of more than 4.50% followed by Media and PSU Banks; on the flip side, FMCG and Pharma were the major laggards.

In the case of Broader market performance, Mid and Smallcaps gained over 2% and beat the Frontline Index. Indecisiveness was seen between the bulls and bears as Nifty50 formed a Spinning Top candlestick pattern. The level of 22,485 will serve as a support point while on the higher side, the immediate hurdle is placed at 23,080-23,130.

Indian rupee ended 10 paise lower at 83.47 per dollar on Thursday versus Wednesday's close of 83.37.

Indian benchmark indices ended higher for the second consecutive session on June 6 amid volatility.

The Sensex was up 692.27 points or 0.93 percent at 75,074.51, and the Nifty was up 201.10 points or 0.89 percent at 22,821.40. About 2740 shares advanced, 668 shares declined, and 70 shares unchanged.

HCL Technologies, Shriram Finance, SBI Life Insurance, Tech Mahindra and SBI were among major gainers on the Nifty, while losers were Hindalco Industries, HUL, Asian Paints, Hero MotoCorp and Nestle.

Except pharma and FMCG, all other sectoral indices ended in the green with PSU Bank, IT, Realty up 3-5 percent.

The BSE midcap index gained 2 percent while the smallcap index rose 3 percent.

Indian Rupee depreciated by 0.07% today on surge in crude oil prices and selling pressure from FIIs. However, weak US Dollar and positive tone in the domestic markets supported the Rupee at lower levels. US Dollar fell on disappointing labour market data which hinted as cooling jobs markets, making a case for interest rate cut by the US Federal Reserve in 2024. ADP non-farm employment added 152,000 jobs in May 2024 vs 188,000 jobs in April 2024 and expectations of 173,000 jobs. However, ISM services PMI rose unexpectedly to 53.8 in May 2024 vs 49.4 in April 2024, which provided some support to the Dollar.

We expect Rupee to trade with a slight negative bias on worries over rising crude oil prices and as FIIs continue to sell in the markets. However, positive tone in the domestic markets as NDA is expected to come back to power for the third consecutive term, raising optimism over policy continuity may support the Rupee at lower levels. Traders may take cues from weekly unemployment claims and trade balance data from the US. Investors may remain cautious ahead of RBI’s monetary policy decision tomorrow. USDINR spot price is expected to trade in a range of Rs 83.20 to Rs 83.80.

#1 Likelihood of weight increase is high, but not a given
#2 Foreign selling in recent month supports an increase
#3 Weight increase could result in passive flows ranging from USD 3 -6.5 billion
#4 Passive flows equivalent to 8-17 days of 12-month average ADTV
#5 Believe a staggered increase will make inclusion a non-event
#6 Bank would gradually improve its NIM/ROA profile over next 2 years

#1 Retain constructive view, GAIL, IGL, MGL preferred picks
#2 Believe consolidation in CGD sector is likely going forward
#3 Consolidation could benefit larger, more experienced CGDs
#4 NDA could consider bringing gas under purview of GST
#5 Gas under GST stands to benefit entire value chain

Fitch Ratings has upgraded India-based HPCL-Mittal Energy Limited's (HMEL) Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BB'. The outlook is stable.

The agency has also upgraded the ratings on the company's US dollar senior unsecured notes to 'BB' from 'BB-'.

#1 Believe Modi government may announce revamped affordable housing scheme in Budget
#2 Revamped scheme can improve affordability & lift growth in affordable housing loans
#3 AHFCs like Home First, Aavas should be direct beneficiaries
#4 Large HFCs with presence in mid-ticket seg like LIC Housing, Can Fin may see some tailwind
#5 Prefer Aavas, Home First among AHFCs; Can Fin among HFCs

Markets@3 | Sensex, Nifty trade higher

The Sensex was up 515.01 points or 0.69 percent at 74,897.25, and the Nifty was up 158.20 points or 0.70 percent at 22,778.50. About 2693 shares advanced, 705 shares declined, and 69 shares unchanged.

Birla Estates Pvt Ltd, the real estate venture of the Aditya Birla Group and a 100% wholly owned subsidiary of Century Textiles and Industries Limited, has entered into a joint venture with Barmalt India Pvt Ltd. for a luxury residential group housing development in Sector 31, Gurugram.

The land parcel is spread across 13.27 acres with a development potential of approx. 2.4 million square feet offering a revenue potential of approximately Rs 5000 crore.

Sensex Today | BSE Oil & Gas index up 2 percent; Linde India, Gail, Petronet LNG, among major gainers

India’s stock markets have seemingly shrugged off the shock of the election results – overcoming early concerns of the Bharatiya Janata Party failing to secure a majority on its own – and have rebounded on renewed confidence in the continuation of the National Democratic Alliance coalition government.

This is evident from the sharp rise in the benchmark indices after the 6 percent fall of June 4, when the votes were counted. The NSE Nifty 50 jumped as much as 3.4 percent on June 5, and extended gains by another 1.2 percent on June 6, topping 22,900 points intraday. (Read more)

Maruti Infrastructure share price touched 52-week high of Rs 213.90 in the opening trade on June 5 after the company is going to consider stock split and bonus share issue.

A meeting of board of directors of the company is scheduled to be held on June 22, 2024, to consider the sub-division/ split of equity shares of the company and also consider the proposal for issuance of bonus shares.

Sensex Today | Nifty Media index rises nearly 4%; Zee Entertainment, DB Corp, Network 18 Media top contributors

Sensex Today | Nifty Pharma index down 0.7%; Cipla, Sun Pharma, Divis Labs top losers

Sensex Today | BSE Capital Goods index jumps nearly 3%; BHEL, Timken, Finolex Cables, among major gainers

Brokerage Call | CLSA View On Telecom Space

#1 Latest spectrum auction has been deferred to June 25
#2 This auction is largely for renewal of spectrum for Airtel & Vodafone Idea
#3 Bharti is facing spectrum renewals in six circles while VI in two circles
#4 Total EMD by operators is 80% lower vs last 5G spectrum sale implying muted auction
#5 Although Reliance Jio has put in maximum EMD implying USD 3 bn spend
#6 Previous auctions confirm high EMD do not result in full spend

Sensex Today | Nifty Bank erases 700 points from day's high

The company has been allotted 50,00,000 equity shares of Rs 10 each by Mirzapur Thermal Energy U.P. Private Limited (MTEUPL) on preferential basis resulting in a 99.8% equity stake in MTEUPL.

Consequently, MTEUPL has become a subsidiary of the company.

Endurance Technologies has informed that Mr. Satrajit Ray retires as a Whole-time Director and Group Chief Financial Officer of the company and Mr. Ramesh Gehaney retires as a Whole-time Director and Chief Operating Officer of the company.

The board appointed Mr. R. S. Raja Gopal Sastry, Group Chief Financial Officer – Designate, as the Group Chief Financial Officer and appointed Mr. Rajendra Abhange, Chief Operating Officer – Designate, as an Additional Director designated as Director and Chief Operating Officer of the company with effect from 6th June, 2024.

Sensex Today | BSE Midcap index gains 2%; UNO Minda, BHEL top contributors

#1 SEBI to set up an ad-hoc committee to review ownership structure & financial of Clearing Corporation
#2 As per SEBI, suggested alternatives should keep in view the periodic capital needs
#3 BSE owns 100% stake in its clearing subsidiary ICCL
#4 ICCL currently contributes 28/32% of consolidated revenues/PBT of BSE

#1 Total domestic sales up 13.9% at 2,412 units in May 2024 versus 2,118 units, May 2023
#2 Total exports down 63.3% at 180 units versus 491 units, YoY

Sensex Today | BSE Smallcap index rose nearly 3%; IFB Industries, Lancer Containers, Nazara Technologies top gainers

Torrent Pharmaceuticals has entered into a non-exclusive patent licensing agreement with Takeda to commercialize Vonoprazan in India. Vonoprozan is a novel potassium-competitive acid blocker (P-CAB), used for the treatment of acid related disorders - Gastroesophageal Reflux Disease (GERD).

Torrent will market Vonoprazan under its own trademark, Kabvie.

Sensex Today | Nifty Realty index outperforms other sectoral indices

Rail Vikas Nigam (RVNL) share price rose 7 percent in the early trade on June 6 after the company bagged a contract worth Rs 390 crore.

The company received Letter of Acceptance from Eastern Railway for construction of Sitarampur bye pass line under Asansol division of Eastern Railway," company said in its release.

The project cost is Rs 390,97 35,276.55 and to be completed in 24 months.

Also, the company emerged as the lowest bidder from Dakshin Haryana Bijli Vitran Nigam Limited for implementation of SCADA and DMS/OMS works in Gurugram Revamped Distribution Sector Scheme (RDSS) in DHBVN (Dakshin Haryana Bijli Vitran Nigam).

The cost of work is Rs 124,36,80,301.57 and to be completed in 30 months.

Sensex Today | BSE PSU Index rose nearly 5%; Mazagon Dock, BHEL biggest contributors

Markets@12 | Sensex, Nifty off day's high

The Sensex was up 525.72 points or 0.71 percent at 74,907.96, and the Nifty was up 158.50 points or 0.70 percent at 22,778.80. 

Shriram Finance, SBI, NTPC, ONGC and Coal India are among the top gainers on the Nifty, while losers were HUL, Hero MotoCorp, M&M, Nestle and Divis Labs.

Except FMCG, all other sectoral indices were trading in the green.

BSE Midcap index was up 2.6 percent and Smallcap index jumped 3 percent.

Orchid Pharma has received Drugs Controller General of India (DCGI) approval for the manufacturing and marketing of its invented New Chemical Entity Active Pharmaceutical Ingredient (API), Enmetazobactam.

Stock Market LIVE Updates | Nifty PSU Bank, Realty, Media indices top sectoral leaders at this hour

Stock Market LIVE Updates | Broader indices outperform benchmark Nifty 50 index

Indian Energy Exchange achieved monthly overall volume of 10,633 MU, in May’24, marking a 28.9% year-over-year increase.

The electricity volumes at 9,568 MU, increased 21% YoY.

The renewable energy certificates (REC) at 1,055 MU, increased 640.3% YoY.

Sensex Today | BSE Power index up 4%; BHEL, Adani Power up 7-13%

The meeting of the Board of Directors of the company is scheduled to be held on Monday, June 17, 2024, to consider and approve Sub-division / Split of Equity Shares of the Company.

The Board of Directors of Uno Minda has, granted its approval for the company to enter into Technical License Agreement with Suzhou lnovance Automotive Company Limited, which pertains to development and manufacturing of High Voltage Category of 4W PV & CV EV Powertrain Products like Combined Charging Units, E Axle, Inverter, Motors etc.

Sensex Today | BSE Sensex gains 1%

A meeting of the Executive Committee of the Board of Directors of the company is scheduled to be held on June 10, 2024, to consider and approve the proposal for the raising of funds by way of issuance of non-convertible debentures on private placement basis.

Sensex Today | Nifty PSU Bank outperforms sectoral indices

After Macquarie, analysts at UBS forecasted a relatively tempered boost for HDFC Bank in the upcoming MSCI India index rebalance in August. Its analysis suggested that the upweight could usher around $3-3.5 billion inflows, lower than Macquarie's prediction of $5.2 billion.

UBS added that an additional $2.5-3 billion of buying from other funds with index-tracking characteristics is also likely and a staggered increase will make this inclusion a non-event. Read More

Shares of Force Motors Limited traded 2 percent lower to Rs 8,222 in morning trade on June 6 after the automobile company announced a marginal drop in sales in May, a sharp contrast to the previous month where sales witnessed a robust up move.

Force Motors’ small and light commercial vehicle and utility vehicles sales dropped 1 percent to 2,592 units in May, the company stated in a regulatory filing. The company sold 2,609 units in the same month previous year. Read More

KPI Green Energy share price rose 4 percent in the early trade on June 6 after the company received solar power projects from multiple entities.

The company bagged new orders of 26.15 MW for executing solar power projects.

Sun Drops Energia Private Limited, a wholly owned subsidiary of the company shall develop the projects. Read More

Maruti Infrastructure share price touched 52-week high of Rs 213.90 in the opening trade on June 5 after the company is going to consider stock split and bonus share issue.

A meeting of board of directors of the company is scheduled to be held on June 22, 2024, to consider the sub-division/ split of equity shares of the company and also consider the proposal for issuance of bonus shares.

Markets@10 | Nifty around 22,750, Sensex up 400 pts

The Sensex was up 397.77 points or 0.53 percent at 74,780.01, and the Nifty was up 133.80 points or 0.59 percent at 22,754.10. About 2590 shares advanced, 475 shares declined, and 114 shares unchanged.

Top Sectoral Gainers: Capital Goods, Power, Oil & Gas, Realty
Top Sectoral Losers: FMCG, Pharma

BSE Midcap and Smallcap indices went up 2 percent each.

Bharat Heavy Electricals Limited (BHEL) has received an order of more than Rs 3500 crore from Adani Power (APL) for setting up the 2x800 MW TPP at Raipur, Chhattisgarh.

Also, the company received an order from of greater than Rs 3,500 crore from Mirzapur Thermal Energy (UP) Private Limited for 2x800 MW thermal power project at Mirzapur Phase I, Uttar Pradesh.

Sensex Today | BSE Realty index gains nearly 5%; Macrotech Developers up 10%

Gold firmed on Thursday as the dollar and Treasury yields retreated on rising bets that U.S interest rate cuts may start as early as September, while investors awaited the U.S. non-farm payrolls data.

Spot gold was up 0.8% at $2,373.31 per ounce as of 0258 GMT, after rising 1% in the previous session.

U.S. gold futures rose 0.7% to $2,392.80.

Birla Estates Pvt Ltd, the real estate venture of the Aditya Birla Group and a 100% wholly owned subsidiary of Century Textiles and Industries Limited, has entered into a joint venture with Barmalt India Pvt Ltd. for a luxury residential group housing development in Sector 31, Gurugram.

The land parcel is spread across 13.27 acres with a development potential of approx. 2.4 million square feet offering a revenue potential of approximately Rs 5000 crore.

Sensex Today | BSE FMCG index down 1%; Jyothy Labs, Godrej Consumer down 3% each

Heritage Foods has extended the gains on Thursday, gaining 20 percent on June 5, after news reports of TDP chief Chandrababu Naidu is poised to become Andhra Pradesh Chief Minister after the regional party's landslide victory in election and he might support National Democratice Alliance (NDA).

Amid positive global cues, the Indian indices opened higher on June 6 with Nifty around 22,700.

The Sensex was up 404.92 points or 0.54 percent at 74,787.16, and the Nifty was up 113.90 points or 0.50 percent at 22,734.20. About 2046 shares advanced, 349 shares declined, and 97 shares unchanged.

NTPC, SBI, Adani Enterprises, ONGC and Power Grid Corp were among major gainers on the Nifty, while losers were HUL, Britannia, Hindalco, Nestle and Cipla.

The benchmark Sensex and Nifty indices are expected to open higher on June 6, following GIFT Nifty trends indicating a gain of 35 points for the broader index.

Nifty can find support at 22,500 followed by 22,400 and 22,200. On the higher side, 22,750 can be an immediate resistance, followed by 22,800 and 22,900.

The charts of Bank Nifty indicate that it may get support at 48,900, followed by 48,700 and 48,600. If the index advances further, 49,200 would be the initial key resistance, followed by 49,400 and 49,500.

Foreign institutional investors (FIIs) continued their selling for a second consecutive session on June 5 as they sold Indian equities worth Rs 5,656.26 crore, while domestic institutional investors turned net buyers as they purchased equities worth Rs 4,555.08 crore on the same day.

INDIAVIX was negative yesterday by 29.40% yesterday and is currently trading at 18.8850.

We have seen a sharp bounce back in the markets yesterday after news of NDA forming a government for the 3rd consecutive time. Global markets were also strong yesterday. Market can stay in a range for some days and we can witness some consolidation after high volatile days.

V-shaped recovery propelled the Index higher to end Wednesday trade at 22,620. With a hidden bullish divergence in RSI, the Index has formed a big green candle known as the Inside Bar candle, representing continuation of an uptrend. The level of 22,240 will be considered as an immediate support while 23,080-23,130 will be a crucial resistance zone.

We continue to remain bullish on the Auto sector as it has regained its momentum and moved in tandem with its primary uptrend (Bajaj Auto- Rounding Bottom Breakout, Balkrishna Industries- Rounding Bottom Breakout/Pullback, Hero Motocorp, M&M and TVS Motors- Fresh Breakout). From the BankNifty, IndusInd Bank looks strong as it is on the verge of giving a Falling Wedge Breakout.

In the short term, profit booking correction can be expected in the FMCG segment. The IT sector bounced from its long-term trendline support coupled with a bullish divergence in RSI indicating trend reversal; however, we will wait for confirmation. Some of the Metal stocks have reversed with a hidden bullish divergence in RSI which suggests an extension of the primary up-move (stocks can be added on a minor dip). A much-awaited range breakout can be anticipated in the Pharma space. (Granules- Flag and Pole Breakout).

Nifty surged in yesterday’s trade with all sectoral indices closing in green, as investors shrugged off election jitters, showing confidence in the long-term potential of the Indian market. India VIX tumbled 29%, signaling reduced volatility. Key catalysts include increased expectations for Federal Reserve interest-rate cuts, record-high closes for the S&P 500 and Nasdaq 100, and all-time highs for AI stocks like NVIDIA, with Apple nearing a $3 trillion market cap.

Additionally, oil prices remain low at $73.50 a barrel. Technically, Nifty's immediate targets are 22900 and 23339, with intraday support at 22300.

The RBI MPC meeting outcome on June 7th is also highly anticipated.

Preferred trades: Buy Nifty at 22620 with targets of 22750/22900, and Bank Nifty at 49055 with targets of 49350/49700. Top stock pick: NTPC at CMP 341, targeting 365/381, with an aggressive target of 401.

Indian rupee opened marginally lower at 83.42 per dollar on Thursday versus Wednesday's close of 83.37.

Benchmark indices are trading firm in the pre-opening session.

The Sensex was up 894.68 points or 1.20 percent at 75,276.92, and the Nifty was up 258 points or 1.14 percent at 22,878.30.

#1 SEBI to set up an ad-hoc committee to review ownership structure & financial of Clearing Corporation
#2 As per SEBI, suggested alternatives should keep in view the periodic capital needs
#3 BSE owns 100% stake in its clearing subsidiary ICCL
#4 ICCL currently contributes 28/32% of consolidated revenues/PBT of BSE

Anmol Singh Jaggi (Promoter and Managing Director) of Gensol Engineering has acquired 53,945 shares of the company from the open market operation amounting to Rs 4,77,44327.75.

Previously, Mr. Jaggi holds 79,64,766 Equity shares of the company which represents 21.03% of the total shareholding of the company post-acquisition of 53,945 shares of the company Mr. Jaggi holds 80,18,711 equity shares which represents 21.17% of the total shareholding of the company.

In result of the above acquisition, the total promoter and promoter group shareholding increased from 2,37,17,306 shares which is 62.62% of the total shareholding of the company to 3,78,72,897 shares which is 62.77% of the total shareholding of the company.

- BHEL: Wins order worth more than Rs 7,000 crore
- KPI Green Energy: Bags 26.15 MW solar power projects
- Kalpataru Projects: To consider fund raising via NCDs on June 10, 2024
- Century Textiles: Arm Birla Estates to form JV with Barmalt India for residential housing development
- NBCC: Gets multiple work orders worth up to Rs 491.45 crore
- Maruti Infrastructure: To consider stock split, bonus issue on June 22
- Indian Energy Exchange: May 2024 volumes up 29% at 10,633 MU

#1 Likelihood of weight increase is high, but not a given
#2 Foreign selling in recent month supports an increase
#3 Weight increase could result in passive flows ranging from USD 3 -6.5 billion
#4 Passive flows equivalent to 8-17 days of 12-month average ADTV
#5 Believe a staggered increase will make inclusion a non-event
#6 Bank would gradually improve its NIM/ROA profile over next 2 years

#1 Total domestic sales up 13.9% at 2,412 units versus 2,118 units (YoY)
#2 Total exports down 63.3% at 180 units versus 491 units, YoY

Indian Energy Exchange achieved monthly overall volume of 10,633 MU, in May’24, marking a 28.9% year-over-year increase.

The electricity volumes at 9,568 MU, increased 21% YoY.

The renewable energy certificates (REC) at 1,055 MU, increased 640.3% YoY.

Over the past year, the FMCG sector has underperformed relative to the main indices, impacted by weak rural demand, adverse weather conditions, lower agri-production growth, high inflation, and increased local competition. However, the sector is now showing signs of a gradual recovery in rural demand, driven by a reduction in inflation and strategic measures by companies to boost volumes.

Additionally, the prospects of a better monsoon and potential policy shifts towards social economics could further enhance rural demand. The sector's valuation is slightly above its long-term average, and re-rating is anticipated to continue due to these multiple positive developments. Consequently, we have a strong positive outlook on the sector.

A massive fire accident at Dhaula facility of Trident (consisting of Textiles and Paper Manufacturing units) at around 08:30 P.M (IST) On June 5, 2024.

Oil rose in early Asian trading on Thursday on rising expectations the Federal Reserve will cut interest rates in September, and as the market rebounded from a selloff related to growing U.S. inventories and an OPEC+ plan to increase supply.

Brent crude futures rose 27 cents, or 0.34%, to $78.68 a barrel, while U.S. West Texas Intermediate crude futures rose 36 cents, or 0.49%, to $74.43.

Nvidia Corp. was already the world’s most valuable semiconductor firm. Now, it’s become the first computer-chip company ever to hit $3 trillion in market capitalization.

The shares of the Santa Clara, California-based firm have rallied roughly 147% this year, adding about $1.8 trillion as the insatiable demand for its chips used to power artificial intelligence tasks skyrockets. On Wednesday, shares rose 5.2% to close at a record $1,224.40, pushing the market value to more than $3 trillion and overtaking Apple Inc. in the process.

#1 S&P 500, Nasdaq notch new highs
#2 Nvidia pips Apple in market cap; becomes second#1 most valuable US company
#3 Asian markets edge higher on hopes of ECB rate cut
#4 Dollar gains after better than expected US services sector data
#5 US 10-year yield slips below 4.3% as investors digest private payrolls data
#6 Oil rebounds from 4-month lows
#7 Gold rises as yields retreat on softer jobs data
#8 Gift Nifty signals positive start

Trends on GIFT Nifty indicate a gap-up start for the broader index in India, with a gain of 173.50 points or 0.77 percent. The Nifty futures were trading around 22,675.50 level.

Asian markets were trading higher on Thursday as hopes for rate cuts by the European Central Bank boosted market sentiment, while major indexes in the U.S. hit fresh highs overnight.