US markets trade in green, S&P 500 gains 0.80%; GIFT Nifty up

The United States markets continued to edge higher for the second consecutive day on May 24, a day after Nvidia’s strong earnings led the benchmarks to new record highs.

At 8:45pm IST, the S&P 500 was up 0.80 percent at 5,309.46 and the Nasdaq Composite surged over a percent higher to 16,921.09. The Dow Jones Industrial Average recovered from the previous day’s losses and edged 0.33 percent higher to 39,195.43.

Bloomberg reported that “American consumers have tempered inflation expectations in late May, which bodes well for prospects of Federal Reserve’s rate cuts”. This comes as the Federal Reserve’s meeting minutes released earlier this week showed concerns over inflation and reinforced the ‘higher for longer’ narrative.

The GIFT Nifty was up 0.16 percent at 23,075.50, after the benchmark Indian indices reached new all-time highs earlier in the day.

Indian indices rallied for the second day in a row, with the Nifty crossing the 23,000 mark to reach a new high of 23,026.40 during intraday trade. The index, however, ended flat-to-negative at 22,957.10. The Sensex also set a new high of 75,636.50 while it ended 0.01 percent lower at 75,410.39.

The European indices traded mixed owing to weak global cues. The FTSE fell 0.19 percent to 8,323.73 and the CAC marginally declined 0.04 percent to 8,099.48. However, the DAX traded marginally higher, up 0.04 percent at 18,698.78.

Earlier during day, the Asian indices traded negative as inflationary pressures from the US loomed. The Nikkei tumbled 1.17 percent to 38,646.11 and the Hang Seng declined 1.38 percent to 18,608.94.

DIIs net purchased Rs 2,320.32 crores while the FIIs/FPIs net sold Rs 944.83 crores.

Crude recovered from previous day’s losses and traded 0.82 percent higher at $77.50 to end the week on a positive note. Brent also edged 0.66 percent higher to $81.90.