GIFT Nifty dips, S&P 500 down by 1.7% in three days due to poor bank earnings

The Nasdaq Composite dropped 1.12 percent to 16,257.53 and the S&P 500 declined 1% to 5,147.24 at 9:30 pm IST. Additionally, the Dow Jones Industrial Average dropped to 38,141.86, or almost 1% less than before.

Money

By Sneha Sengupta On Apr 12, 2024

On April 12, US markets saw further declines for the third day in a row as a number of big banks reported weak corporate profits. As news stories about Israel preparing for an unprecedented attack by Iran on government targets spread, the indices continued to go down due to the impending geopolitical tensions.

The NSE Nifty 50 fell 1% earlier in the day, and this was followed by a 0.59% loss in the GIFT Nifty to 22,453.00.

“Treasuries climbed across the US curve as the greenback hit the highest in 2024. And Friday’s economic data did little to alter the reduced risk appetite — with consumer sentiment down as inflation expectations rose,” stated a Bloomberg report.

In February, European markets saw mixed trading, with the FTSE edging up as Britain’s GDP, which increased by 0.1 percent on a monthly basis, was in line with expectations. On the other hand, the CAC fell 0.16 percent to 8,010.83 while the DAX down 0.13 percent to 17,930.32.

Asian markets saw uneven trading earlier in the day. At 39,523.55, the Nikkei closed 0.21 percent higher. However, China’s declining imports and exports for March sent the Hang Seng down 2.18 percent to 16.721.69. Weak global cues caused the Indian indexes to fall from their all-time highs and finish the day down on Friday.

Crude increased on Friday as Israel got ready for an impending Iranian onslaught.

The Sensex finished 1.06 percent lower at 74,244.90, while Nifty dropped more than 1% to 22,519.40. FIIs and FPIs net sold Rs 8,027.00 crores, while DIIs net bought Rs 6,341.53 crores.

WTI oil saw a 1.46 percent increase to 86.26, while Brent saw a 1.27 percent increase to 90.88.