The US markets rebounded from previous losses on July 12 as Producer Price Index (PPI) data came in stronger-than-expected. The index rose 0.2 percent in June from May and saw an yearly increase of 2.6 percent. Against the market estimates of 0.1 percent, this is the largest gain since March 2023, thus reviving rate cut hopes.
At 9:15pm IST, the S&P 500 surged nearly a percent higher to 5,635 and the Nasdaq Composite rallied 1.14 percent higher to 18,491. The Dow Jones Industrial Average edged nearly 0.8 percent higher to a fresh record high of 40,095.19. Investors once again turned towards tech stocks with Nvidia and Apple gaining between 2 and 2.5 percent. However, the banking stocks kicked off earnings season in red.
The GIFT Nifty traded 0.37 percent higher at 24,640 after the bullish run of the Indian markets earlier during the day.
Indian indices ended the week on record high levels as IT stocks rallied. Nifty created a fresh all-time high of 24,592.20 during intraday trade and ended 0.77 percent higher at 24,502.15. Sensex also reached a new high of 80,893.51 during early trade and ended 0.78 percent higher at 80,519.34. Top market gainers included TCS, Wipro, HCLTech, Infosys, and Tech Mahindra, which traded 3 to 6 percent higher.
DIIs net sold Rs 1,651.45 crores in Indian equities while the FIIs/FPIs net bought Rs 4,021.60 crores.
The European markets edged higher for the third day in a row. The FTSE gained 0.36 percent at 8,252.91 and the CAC surged 1.27 percent to 7,724.32. The DAX also traded 1.27 percent higher at 18,880.
Earlier during the day, the Asian indices ended mixed. Nikkei gave up the previous day’s gains and tumbled 2.45 percent to 41,190.68. However, the Hang Seng rallied 2.6 percent to 18,239.38.
Crude traded flat with WTI at $82.66 and Brent at $85.34.
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