Morning comments
Indian markets could open higher, in line with mostly higher Asian markets today and sharply positive US markets on Feb 22.
U.S. stocks surged Thursday, with the Dow Jones Industrial Average and S&P 500 indexes setting another round of records and the Nasdaq finishing just shy of its first record close since 2021, after Nvidia Corp.’s blowout earnings unleashed a wave of optimism that drove global markets higher.
Shares of the chip maker rose more than 16%. Nvidia’s advance helped push the Nasdaq Composite to within striking distance of its first record close since November 2021. Other tech names were also higher.Facebook parent Meta and Amazon gained about3.9% and 3.5%, respectively. Microsoft and Netflix each advanced more than 2%.
The good news from Nvidia’s much-hyped earnings report sparked a global risk-on surge, which helped propel benchmark equity barometers in Japan and Europe to record levels. The MSCI ACWI Index of both developed and emerging-market shares rose to its highest level ever.
S&P flash services and manufacturing PMIs for February showed the U.S. economy likely continued to expand at an above-average pace this month. Meanwhile, in January, existing-home sales rose more than 3% and climbed to their highest level since August as buyers seized on lower mortgage rates.
Asian stocks extended gains Friday, fueled by the global rally in equities that’s seen share markets from the US to Europe and Japan hit all-time highs.
In a volatile session, Nifty ended in the green on Feb 22 making a fresh record high, helped by positive global cues. At close, Nifty was up 0.74% or 162.6 points at 22217.7. Nifty made a fresh record high on Feb 22 negating the bearish development of the previous session. It could now proceed towards 22280 and later 22810. On falls, it could take support at 22011. Participants remain unsure about the direction of the Indian market due to sharp intra day movements in the markets on either side.
