Nasdaq jumps 2% as Microsoft, Alphabet report strong earnings; GIFT Nifty up

Global Markets Outlook

The US markets overcame the previous day’s losses and were pulled into the green by big tech stocks such as Alphabet and Microsoft. At 9:30 pm IST, the S&P 500 surged 1 percent higher to 5,099.53. The Nasdaq Composite jumped 2 percent to 15,922.92, teasing the 16,000-mark while the Dow Jones Industrial Average was up 0.39 percent at 38,233.66.

The market rally was driven by the tech stocks which reported higher-than-expected earnings. The stocks traded between 3 to 10 percent higher.

The GIFT Nifty also recovered and traded 0.13 percent higher at 22,591.50.

European markets gained momentum and edged higher with DAX leading the gains, up 1.36 percent at 18,161.01. FTSE traded 0.75 percent higher at 8,139.83 while the CAC was up by nearly a percent at 8,088.24.

Earlier during the day, the Asian indices ended positive. The Nikkei was up 0.81 percent at 37,934.76, trading close to the 40,000 mark as the Bank of Japan announced keeping rates unchanged. Hang Seng surged over 2 percent to 17,651.15.

The Indian indices however traded in the red as investors booked profits. The Nifty broke its five-day winning streak, ending 0.67 percent lower at 22,419.95. The Sensex ended 0.82 percent lower at 73,730.16.

DIIs net purchased Rs 4,356.83 crores while the FIIs/FPIs continued to sell at net Rs 3,408.88 crores.

Crude broke its losing streak and traded higher on Friday, up 0.61 percent at $84.08. Brent was also up 0.63 percent at $89.57.