US markets hit new record highs as Nvidia rallies, S&P 500 gains 0.31%; GIFT Nifty down

The US markets rallied to record highs on May 23 as tech giant Nvidia reported strong earnings for the quarter. The S&P 500 and Nasdaq Composite created new all-time highs of 5,341.88 and 16,996.38. At 9:30pm IST, the S&P 500 was up 0.31 percent at 5,323.48 and the Nasdaq Composite surged 0.83 percent to 16,940.76.

However, the Dow Jones Industrial Average fell 0.67 percent to 39,406.96, a day after the Federal Reserve expressed its concern over rising inflation.

On the other hand, the AI chipmaker, Nvidia, pulled S&P 500 and Nasdaq into green as it reported a $28 billion revenue guidance for the second fiscal quarter. Resultingly, the stock surged 10.21 percent to $1046.46.

The GIFT Nifty traded down 0.15 percent at 22,995.00 after benchmark Indian indices hit new record highs earlier in the day.

Indian markets rallied on Thursday as the central bank, RBI, announced the transfer of Rs 2.11 lakh crores to the Centre as surplus. Following the announcement, the Nifty reached a new all-time high of 22,993.60 during intraday trade and ended 1.64 percent higher at 22,967.65. Sensex also created a new high of 75,499.91 and ended 1.61 percent higher at 75,418.04.

European markets traded mixed as the FTSE declined 0.37 percent to 8,339.23 as the UK reported higher-than-expected inflation. However, the DAX traded flat-to-positive at 18,691.32 and the CAC was up 0.13 percent at 8,102.33 owing to strong global cues.

Earlier during the day, the Asian indices also traded mixed. The Nikkei jumped 1.26 percent to 39,103.22 as finance, insurance and communication sectors rallied. The Hang Seng on the other hand fell 1.70 percent to 18,868.71.

FIIs/FPIs broke away from their selling streak with a massive net purchase of Rs 4,670.95 crores for the day. The DIIs net purchased Rs 146.51 crores.

Crude continued to decline for a fourth day in a row and fell 0.79 percent to $76.96. Brent also declined 0.62 percent to $81.39.