The US markets surged on July 26 after data showed CPI Price Index rose 2.5 percent year-on-year in June. On month-on-month basis, the index rose by a moderate 0.1 percent, in line with Reuters estimates. This moderate increase fuelled hopes for the Federal Reserve to cut rates in September.
As markets extended yesterday’s gains, Dow Jones Industrial Average led the rally, up nearly 2 percent at 40,694. At 9:30pm IST, the S&P 500 rallied 1.43 percent to 5,476 and the Nasdaq Composite traded 1.22 percent higher at 17,392. Economic data released on Thursday showed that the US economy grew more than expected in the second quarter.
The GIFT Nifty traded flat at 24,944 after a bullish run of the Indian markets earlier during the day.
Indian indices rebounded to new highs on Friday as metal and auto indices rallied. Nifty jumped nearly 2 percent to create a fresh all-time high of 24,861.15 and the Sensex ended 1.62 percent higher at 81,332.72.
DIIs net bought Rs 2,774.31 crores in Indian equities and the FIIs/FPIs broke their selling streak to net purchase Rs 2,546.38 crores.
The European indices also edged higher owing to strong global cues. FTSE gained 1.21 percent at 8,285.71 and the CAC was up 1.22 percent at 7,517.68. The DAX also traded 0.65 percent higher at 18,417.55.
Crude receded from previous gains and traded 1.46 percent lower at $77.14. Brent also shed 1.52 percent at $81.12.
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