S&P 500 hits 5,100 milestone for 1st time buoyed by Nvidia earnings, Gift Nifty trades flat

The US-based chipmaker became the first semiconductor firm in the world to hit a $2 trillion market capitalisation, amid optimism over artificial intelligence-fuelled growth

The S&P500 hit a new record on February 23, topping the 5,100 milestone for the first time, owing to Nvidia Corp’s big earnings announcement. The US-based chipmaker became the first semiconductor firm in the world to hit a $2 trillion market capitalisation, amid optimism over artificial intelligence-fuelled growth.

The stock reported the largest ever single-day gain in market value with a $277 billion rise in market cap on February 22; it extended gains on February 23, jumping further 5 percent.

The Dow extended yesterday’s gains by nearly 0.5 percent at 39,217.91 at 21:30 IST, fuelled by Nvidia’s feat. The Nasdaq Composite took a breather after the previous session’s 3 percent gain, trading flat at 15,976.60 today.

The GIFT Nifty index on NSE IFSC was also flat at 22,270.00 on February 23 evening.

The AI boom has uplifted the world’s second-largest stock market too, taking Japan’s Nikkei to a new record high, beating the 1989 peak. The Japanese index was up 2 percent as it ended at 39,098 on February 22.

European markets accompanied waving green flags with the Swiss markets leading the pack as SMI traded nearly a percent higher at 11,490.10 at 21:45 IST. The CAC followed with a 0.78 percent gain at 7,973.58 and the Dax rising 0.39 percent to 17,437.95. FTSE saw a marginal gain of 0.25 percent at 7,703.93 at 21:00 IST on February 23.

Earlier in the day, the Indian markets were pulled into red with bulk selling in the IT, metals and banking space. The Sensex ended marginally lower at 73,142.8 on February 23 while the Nifty ended flat-to-negative at 22,212.70, dragging down from its record high achieved during intraday.

Also read: Closing Bell: Sensex ends flat, Nifty below 22,250; PSU banks bleed, media stocks shine

DIIs net purchased equities worth Rs 176.68 Crores while FII/FPIs net purchased Rs 1276.09 Crores.

While indices across the globe rose, crude took a different turn as prices fell 2.26 percent to $76.84 at 21:00 IST on February 23, thus triggering a strong buy rating from various market experts.