US markets up as rate cut expectations revive, S&P trades 0.65% higher; GIFT Nifty down

Global Markets Outlook

The US markets edged higher on May 6 fuelled by hopes for rate cuts. At 8:30 pm IST, the S&P 500 was up 0.65 percent at 5,161.14 and the Nasdaq Composite edged 0.62 percent higher to 16,256.65. The Dow Jones Industrial Average was also up 0.27 percent at 38,778.99.

Apple shares fell 0.75 percent to $182.22, a day after Warren Buffett sold more than 100 million shares of the stock. Uber and Etsy were amongst the top gainers, trading around 4 percent higher.

The GIFT Nifty traded flat-to-negative at 22,587.00, dragged by the negative close of the Indian markets.

European markets edged higher with the DAX up by nearly a percent at 18,174.53 and the CAC traded 0.54 percent higher at 8,000.52. The FTSE remained closed on account of the Early May Bank Holiday.

Earlier during the day, the Asian markets also traded positive owing to strong global cues. The Hang Seng was up 0.55 percent at 18,578.30. The Nikkei remained closed on May 6 on account of Children’s Day.

The Indian indices traded mixed as the earnings season onset. The Nifty was down 0.15 percent at 22,442.70 while the Sensex traded flat-to-positive at 73,895.54. The top-gaining stocks included Kotak Mahindra Bank, Tata Consultancy Services, and Hindustan Unilever, and the top losers included Titan Co Ltd., SBI, and NTPC.

DIIs net purchased Rs 781.39 crores while the FIIs/FPIs continued to net sell for a third day in a row, with net sales at Rs 2,168.75 crores.

Crude edged higher on the first day of the week, up 0.69 percent higher at $78.65. Brent also surged 0.61 percent to $83.47.