US markets mixed as Powell begins testimony, S&P 500 up 0.2%; GIFT Nifty flat

Global Markets Outlook

The US markets extended gains on July 9 as the Federal Reserve Chair Jerome Powell began his two-day testimony.

At 9:30 pm IST, the S&P 500 edged 0.19 percent higher at 5,583 after creating a fresh all-time high of 5,588.66 during early trading hours. The Nasdaq Composite also hit a new record high of 18,511.89 owing to the continued strong performance of several major technology stocks. However, the Dow Jones Industrial Average traded flat for a second day in a row, down 0.06 percent at 39,320.

The Federal Reserve is scheduled to meet at the end of this month to discuss the monetary policy outlook. Investors now lay their hopes on a rate cut in September.

The GIFT Nifty traded flat at 24,492 after the bullish run of the Indian markets earlier during the day.

Indian indices recovered from previous day’s losses and rallied to fresh highs on Tuesday. Nifty gained nearly half a percent to hit a new all-time high of 24,443.60 during late trading hours. Sensex also edged 0.49 percent higher to 80,351.64, close to its new 52-week high of 80,397.17.

DIIs net purchased Rs 1,416.46 crores in Indian equities and the FIIs/FPIs net bought Rs 314.46 crores.

The European markets declined for a second day in a row after the French election results rolled out on Sunday. CAC tumbled 1.56 percent to 7,508.66 and the FTSE was down 0.66 percent at 8,139.81. The DAX also edged 1.24 percent lower to 18,223.19.

Earlier during the day, the Asian indices traded mixed as Japanese markets rallied while the Hang Seng continued to extend losses. Nikkei surged nearly 2 percent to a fresh record high of 41,769.35 while the Hang Seng traded flat-to-negative at 17,523.23.

Crude declined for a second consecutive session, down 1.18 percent at $81.36. Brent also fell 1.26 percent to $84.67.