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The S&P/ASX 200 index closed 0.63% lower at 7442.8 points, extending losses for the second straight session.

"Historically, rising inflation leads to lower consumption. It affects most of the sectors in terms of revenues and margins. Metal companies and the energy sector may do better in the short run. IT, logistics and consumer sectors may be less affected. Also, market leaders with strong brand and customer stickiness may be less affected during this inflationary phase as they may be able to pass on the rise in input cost to its clients."

The pan-European STOXX 600 index rose 0.5% after losing 1.5% in the previous session. Defensives led the sectoral gains, with healthcare jumping 1.4% to a record.

The Relative Strength Index of the stock stood at 83.13 on Thursday.

A total of 49,646 shares changed hands on the counter till time (IST).

Mukul Mahavir Agarwal sold 1.92 lakh equity shares of Jet Freight Logistics as he owned 4.74 lakh shares or 4.09 per cent stake in the company as of March 31, 2022, as against 6.66 lakh shares or 5.76 per cent in the December 2021 quarter.

Astha Jain, Senior Research Analyst at Hem Securities, said those who got allotment should book partial profit at current price and hold remaining with stop loss at Rs 75.

On the technical charts, the RSI of the stock stood at 58.02.

The stock quoted a 52-week high price of Rs 4577.45 and low of Rs 2444.0.

The stock traded at a P/E multiple of 17.75, while the price-to-book value ratio stood at 0.99.