Nikkei In Tokyo at 5-week High, India Awaits Union Budget

Arjun Pandit
24 Jan, 2023
Mumbai

Benchmark index in Tokyo closed higher following a surge in tech stocks tracking gains in New York trading. 

The Nikkei index closed at 5-week high on the back of a rebound in tech stocks and investors awaited corporate earnings. 

The Nikkei 225 index increased 1.5% to 27,299.19 and the yen firmed 18 cents to 130.48 against the U.S. dollar. 

GS Yuasa Corp increased 3.8% to ¥2,255.0 after the company announced  a joint venture with Honda Motor Corp to make advanced Lithium-Ion batteries. 

Honda Motor Corp increased 1.2% to ¥3,129.0. 

Most markets in the region were closed to celebrate the Lunar New Year. 

Markets in mainland China, Hong Kong, Taiwan, Singapore, Malaysia and South Korea were closed. 

Indian stocks lacked direction ahead of the Republic day holiday on Thursday and investors reacted to latest earnings from vehicles makers Maruti Suzuki and TVS Motor. 

Investors are also awaiting the central government budget next week and looking for clues on incentives to accelerate the manufacturing sector and infrastructure spending. 

The Sensex index increased 0.06% or 37.08 to 60,978.75 and the Nifty index traded down 0.25 points to 18,118.30.

The rupee closed down 11 paisa to 81.59 against the U.S. dollar. 

Maruti Suzuki said revenue in the December quarter increased 27% to ₹29,905 crore and net income rose 66.4% to ₹2,135 crore and diluted earnings per share jumped to ₹77.84 from ₹33.48 a year ago.

TVS Motor said the December quarter revenue increased 15% to ₹6,076 crore and net income increased to ₹352 crore from ₹288 crore and diluted earnings per share rose to ₹7.42 from ₹6.07 a year ago.