S&P 500 Index Soars 1% amid Commencement of Corporate Earnings Season; GIFT Nifty Demonstrates Upward Momentum

The US markets continued to rise for a second day in a row on April 23 as the corporate earnings season started off well, with Spotify, UPS and GE Aerospce reporting robust results. These companies’ stocks rallied between two to 16 percent. The S&P 500 jumped one percent to 5,060.78 at 9:15pm IST. The Nasdaq Composite traded 1.45 percent higher at 15,675.19. The Dow Jones Industrial Average was also up 0.52 percent at 38,437.70.

The housing sector also displayed strong performance as new residential home sales rose 8.8 percent in the month of March as against the 1.1 percent forecast. This came as mortgage rates declined over the month, a report by the Commerce Department announced on Tuesday.

The GIFT Nifty recovered from previous day’s losses and was trading up 0.20 percent at 22,422.00.

European markets continued to surge with the FTSE leading the gains on back of rate cut expectations. The FTSE hit a new record high of 8,076.52 during intraday and was trading 0.26 percent higher at 8,044.81 at 9pm IST. The DAX was up 1.55 percent at 18,137.65 and CAC traded 0.81 percent higher at 8,105.78.

Earlier during the day, the Asian markets also continued to edge higher as global tensions eased. The Nikkei ended 0.30 percent higher at 37,552.16 and the Hang Seng surged nearly 2 percent to 16,828.93.

The Indian indices maintained their three-day green streak, with the Nifty ending 0.14 percent higher at 22,368.00. The Sensex was also up 0.12 percent at 73,738.45.

DIIs net purchased Rs 2,918.94 crores while the FIIs/FPIs continued to sell, with net sales at Rs 3,044.54 crores on Tuesday.

Crude surged and was up 1.16 percent at $82.85. Brent also traded 1 percent higher at $87.90.