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The U.S. stock market extended the week’s gains amid a rally in big tech and a solid jobs report bolstered the outlook for corporate America.
Equities continued to show resilience near their all-time highs, with the S&P 500 topping 4,900. The tech-heavy Nasdaq 100 climbed 1% thanks to bullish outlooks from two megacaps: Meta and Amazon.
Oil slumped as talks to pause the Israel-Hamas war reduced crude’s geopolitical risk premium, with a decline of 1.96% in Brent. Gold also traded 1% lower at $2,034.39 an ounce.
India’s benchmark stock indices ended the budget week higher on Friday, led by gains in IT companies and index heavyweight Reliance Industries.
The Nifty breached 22,000 for the first time since Jan. 16 to hit a fresh record high but was unable to hold on to a bout of profit booking. The Sensex increased by as much as 2.02%, coming close to its all-time high, but it fell in late trade due to losses at Axis Bank and HDFC Bank.
On a weekly basis, the indices snapped two straight weeks of losses to end higher.
The Nifty closed 156.35 points, or 0.72%, higher at 21,853.80, while the Sensex gained 440.34 points, or 0.6%, to end at 72,085.63.
Overseas investors became net buyers of Indian equities after a day. Foreign portfolio investors mopped up stocks worth Rs 70.7 crore, while domestic institutional investors remained net buyers and purchased equities worth Rs 2,463.2 crore, the NSE data showed.
The Indian rupee strengthened 5 paise to close at Rs 82.93 against the U.S. dollar.