S&P 500 creates new high as PCE index comes in line with estimates; GIFT Nifty flat

Global Markets Outlook

The US markets traded higher on June 28 as the Personal Consumption Expenditures (PCE) data hinted at slowing inflation and better-than-expected consumer sentiment figures. The index rose 0.1 percent in May and 2.6 percent from the previous year. The Fed’s preferred inflation measure was in line with the Dow Jones estimates.

S&P 500 created a fresh high of 5,523.64 during early trading hours, thus ending the first half of the year on a bullish note. At 9:15pm IST, the S&P 500 edged 0.29 percent higher to 5,498. The Nasdaq Composite also created a new high of 18,035 and the Dow Jones Industrial Average traded 0.22 percent higher at 39,248.75.

The GIFT Nifty traded flat-to-positive at 24,155.50, after the Indian markets rallied earlier during the day.

Nifty created a new all-time high of 24,174 during intraday trade, however, the index gave up its gains and ended 0.14 percent lower at 24,010.60. Sensex also surged to a fresh high of 79,671.58 and ended 0.27 percent lower at 79,032.73. The decline in the indices during closing hours came as several investors booked their profits.

DIIs massively bought Rs 6,658.31 crores in Indian equities while the FIIs/FPIs net sold Rs 23.09 crores.

The European markets traded lower on Friday despite data showing slowing inflation in major economies such as France and Spain. The FTSE fell 0.19 percent to 8,264.12 and the CAC declined 0.68 percent to 7,479.40. However, the DAX traded 0.13 percent higher at 18,234.12.

Earlier during the day, the Asian indices ended positive. Nikkei rose 0.61 percent to 39,583.08 as the Yen weakened to a fresh 38-year low. The Hang Seng traded flat-to-positive at 17,718.61.

Crude traded mixed, with the WTI marginally down 0.31 percent at $81.49. Brent traded 0.09 percent higher at $86.47.