Global markets end lower with Dow down 2%, Asian indices lose shine; FTSE closes higher

The market staged smart rally in the late trade on Friday with the Sensex rising more than 250 points, backed by banking & financials, FMCG and pharma stocks.

Globally investors awaited the outcome of OPEC meeting due later in the day, and also monitor trade developments between the world's largest economies US and China.

The 50-share NSE Nifty strongly closed above 10,800-mark, rising 80.80 points to 10,821.90. The 30-share BSE Sensex rallied 257.21 points to 35,689.60 but the market breadth was in favour of bears. About 1,401 shares declined against 1,159 advancing shares on the BSE.

For the week the Nifty gained marginally by 0.04 percent while the Sensex added 0.19 percent.

Global stock markets especially Asian markets came off during the week as investors sold off equities on the back of more serious trade protectionist

measures that are likely to have its ill effect on the global growth.

Across the US markets, the Dow Jones Industrial Average rose 119.19 points, or 0.49 percent, to 24,580.89, the S&P 500 gained 5.12 points, or 0.19 percent, to 2,754.88 and the Nasdaq Composite dropped 20.14 points, or 0.26 percent, to 7,692.82.

For the week, the Dow lost 2 percent, its weakest weekly performance since late March. The S&P 500 fell 0.9 percent and the Nasdaq declined 0.7 percent.

US leading economic index edged up by 0.2 percent in May after climbing by 0.4 percent in April. Economists had expected the index to rise by 0.3 percent. On the other hand, US initial jobless claims dipped to 218,000, a decrease of 3,000 from the previous week's revised level of 221,000. Economists had expected jobless claims to inch up to 220,000 from the 218,000 originally reported for the previous week.

Back in the Asian markets, major indices closed mixed on Friday, following losses seen on Wall Street and amid investor concerns about the trade dispute between the US and China. Japan led losses in Asia: The benchmark Nikkei 225 slid 0.78 percent, or 176.21 points, to close at 22,516.83, but was off its intraday low.

Early declines in South Korea reversed, with the Kospi finishing up 0.83 percent at 2,357.22. Over in Australia, the S&P/ASX 200 edged lower by 0.11 percent to close at 6,225.20 in choppy trade.

From the week, Nikkei was down 1.47 percent while Kospi ended lower by 1.95 percent. Hang Seng for the week fell 3.2 percent.

Japan's all industry activity index climbed 1.0 percent month-over month in April, after remaining flat in March. That was just above the expected rise of 0.9 percent.

The European markets ended higher with the pan-European STOXX 600 finished the session up 1.09 percent provisionally, with all but two of the sectors closing in the black. The FTSE 100 jumped 1.67 percent, the French CAC 40 popped 1.34 percent, while the German DAX closed up just 0.54 percent, as pressure from German automakers weighed.

For the week, the CAC was down over 2 percent while the FTSE was up marginally by 0.14 percent.