US markets trade higher as PPI rises; S&P 500 gains 0.25%; GIFT Nifty up

Global Markets Outlook

The US markets edged higher on May 14, as fresh PPI data came in higher than expected. The producer price index for final demand increased 0.5 percent as against the Reuters prediction of 0.3 percent. This hints at retained inflationary pressures on the market. At 8:00 pm IST, the S&P 500 was up by a quarter percent at 5.234.45 and the Nasdaq Composite traded 0.49 percent higher at 16,467.70. The Dow Jones Industrial Average traded flat-to-positive at 39,453.89.

The GIFT Nifty also edged higher owing to strong global cues and was up 0.14 percent at 22,345.50.

European markets recovered from the previous day’s losses and traded mixed. The FTSE was up 0.16 percent at 8,428.13 and the CAC traded 0.20 percent higher at 8,225.80. However, the DAX continued to decline for the second day in a row, down 0.14 percent at 18,716.42.

The Asian markets traded mixed as Nikki recovered from the previous day’s decline and traded positively. The index was up 0.46 percent at 38,356.06 while the Hang Seng fell 0.22 percent to 19,073.71.

The Indian markets continued to rise for a third straight session with the metals index leading the rally. Nifty ended nearly half a percent higher at 22,217.85 and the Sensex closed 0.45 percent higher at 73,104.61.

DIIs net purchased Rs 3,527.86 crores and the FIIs/FPIs continued to net sell at Rs 4,065.52 crores.

Crude descended from Monday’s gains and fell 1.64 percent to $77.82. Brent was also down 1.39 percent at $82.20.