US markets extend gains ahead of tech earnings, Fed rate decision, S&P 500 up 0.25%; GIFT Nifty falls

Global Markets Outlook

The US markets extended gains on July 29 ahead of big tech results and the Federal Reserve’s monetary policy decision. At 9:30pm IST, the S&P 500 gained 0.25 percent to 5,474 and the Nasdaq Composite was up 0.44 percent at 17,434. The Dow Jones Industrial Average traded flat at 40,598.

Tech stocks Tesla, Nvidia and Alphabet rose up to 4.5 percent. Investors now await the earnings reports from Microsoft, Meta, Apple and Amazon, scheduled for Tuesday. The Federal Reserve is also set to announce its interest rates decision this Wednesday and the non-farm payrolls report will be released later this week.

The GIFT Nifty shed 0.32 percent to 24,873, despite the bullish run of the Indian markets earlier during the day.

Indian indices rallied to fresh highs on Monday owing to strong global cues. Nifty created a new all-time high of 24,999.75, just shy of the 25,000-mark. However, the index ended flat at 24,836.10. Sensex also reached a fresh record high of 81,908.43 during intraday trade and ended flat at 81,355.84.

DIIs massively net purchased Rs 5,665.54 crore in Indian equities while the FIIs/FPIs net sold Rs 2,474.54 crore.

The European markets traded mixed with the FTSE at 8,292.35 and DAX 0.53 percent lower at 18,320.67. CAC tumbled nearly a percent to 7,443.84.

Earlier during the day, the Asian indices rallied. Nikkei surged over 2 percent to 38,468.63 and the Hang Seng was up 1.28 percent at 17,238.34.

Crude fell for a second day in a row, down 1.68 percent at $75.86. Brent also declined 1.6 percent to $79.82.