The S&P 500 index saw a modest increase of 0.13% to 5,926, with a high of 5,926 and a low of 5,905.80. Meanwhile, the Nasdaq 100 index rose 0.19% to 21,365.40, with a high of 21,365.80 and a low of 21,272.80 [as per user data].
In contrast, Indian stock market benchmarks Sensex and Nifty experienced losses. Sensex dropped 265 points to 82,264.80, while Nifty fell 65 points to 24,997 [as per user data].
Global Market Trends
- US Market: The Dow Jones Industrial Average gained 0.65% to 42,322.75, while the S&P 500 rose 0.41% to end at 5,916.93. However, the Nasdaq closed 0.18% lower at 19,112.32, influenced by economic data releases.
- Asian Markets: Mixed trading was observed, with Japan’s Nikkei 225 falling 0.14%, while South Korea’s Kospi rose 0.33%.
- India’s Market: Despite a weak start, broader market indices outperformed headline indices. The IT sector was the exception, trading in the green.
Key Economic Indicators
- US Producer Prices: The producer price index (PPI) unexpectedly contracted by 0.5% in April, below the forecasted 0.3% rise.
- US Retail Sales: Growth slowed in April, with sales edging up 0.1% after a 1.7% surge in March.
- Japan GDP: Japan’s economy shrank 0.7% in the March quarter, exceeding expectations.
- India’s Trade Deficit: The merchandise trade deficit increased to $26.42 billion in April, with exports rising 9.03% to $38.49 billion and imports increasing 19.12% year-over-year to $64.91 billion ¹.
Market Outlook
According to Ajit Mishra, SVP Research at Religare Broking Ltd, the recent surge in the Nifty 50 index reinforces a positive outlook. A breakout above the 25,200 level could potentially take the index towards the 25,400+ zone, advocating a ‘buy on dips’ strategy with selective stock picking ¹.
