Nasdaq rises 2%; Microsoft and Alphabet witnesses great earnings; GIFT Nifty rallies
Tech stocks that released better-than-expected earnings reports were the main driver of the market advance. The equities increased by three to ten percent during trading.
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The US markets recovered from the day before, helped by gains in large tech equities like Microsoft and Alphabet. The S&P 500 jumped by 1% to 5,099.53 at 9:30 pm IST. The Dow Jones Industrial Average was up 0.39 percent at 38,233.66, while the Nasdaq Composite surged 2 percent to 15,922.92, flirting with the 16,000-mark.
At 22,591.50, the GIFT Nifty rallied as well, closing 0.13 percent higher.
European markets picked up steam and moved upward, with the DAX leading the gains at 18,161.01, up 1.36 percent. The CAC increased by over a percent to 8,088.24, while the FTSE saw a 0.75 percent increase to 8,139.83.
The Asian indices concluded the day higher earlier in the afternoon. The Bank of Japan’s announcement to maintain unchanged interest rates caused the Nikkei to rise by 0.81 percent to 37,934.76, trading near the 40,000 mark. The Hang Seng reached 17,651.15, up more than 2%.
After a five-day winning run, the Nifty finished 0.67 percent lower at 22,419.95. At 73,730.16, the Sensex finished 0.82 percent down.
While the FIIs and FPIs continued to sell at a net price of Rs 3,408.88 crores, the DIIs net bought Rs 4,356.83 crores. Crude ended its losing run and saw gains on Friday, closing at $84.08, up 0.61 percent. At $89.57, Brent was up 0.63 percent as well.
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