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Business News/ Markets / Live Blog/  Market Close Highlights : Markets close at all-time highs; Sensex up at 75,420, Nifty at 22,970
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Market Close Highlights : Markets close at all-time highs; Sensex up at 75,420, Nifty at 22,970

27 min read . Updated: 23 May 2024, 03:47 PM IST
Pranay Prakash

Market Close Highlights : Foreign institutional investors (FIIs) net sold ₹686.04 crore worth of shares, while domestic institutional investors (DIIs) pumped in ₹961.91 crore worth of shares on May 23, provisional data from the NSE showed.

Market Close Highlights : Companies reporting results today include ITC, InterGlobe Aviation, Honasa Consumer, Bayer Cropscience, Cello World, CESC, Concord Biotech, Finolex Cables, Page Industries, Tata Investment Corporation, and Zaggle Prepaid Ocean Services, among others.Premium
Market Close Highlights : Companies reporting results today include ITC, InterGlobe Aviation, Honasa Consumer, Bayer Cropscience, Cello World, CESC, Concord Biotech, Finolex Cables, Page Industries, Tata Investment Corporation, and Zaggle Prepaid Ocean Services, among others.

Market Close Highlights : European stocks and US futures climbed after upbeat earnings from Nvidia Corp. reinforced optimism over the global artificial-intelligence boom.

Europe’s Stoxx 600 climbed 0.3%, pulled higher by a jump in the tech sector. Futures on the S&P 500 pointed to a 0.5% gain at the Wall Street open. US Treasuries were little changed after slipping on Wednesday when Federal Reserve minutes showed officials remained in no rush to cut interest rates. The dollar traded steady.

Equity markets are once again getting a boost from tech after a highly anticipated earnings report from Nvidia produced another bullish sales forecast. A Bloomberg gauge of Asian chipmakers jumped as much as 1.9%, its fourth day of gains.

“For anyone in doubt that growth in AI and the supply chain is fading, Nvidia’s results, tone, and guidance completely disprove that thesis," said Robert Alster, chief investment officer at Close Asset Management.

Traders in Europe will be watching data due later on services, manufacturing and consumer confidence.

In Asia, Korea unveiled a $19 billion package of incentives to bolster its chip sector, a boon to Samsung Electronics Co. and SK Hynix Inc. as they race to stay ahead in an increasingly competitive industry.

Nvidia’s earnings “gives more room for upside for Asian semiconductor stocks," said Rajat Agarwal, Asia strategist at Societe Generale SA in Bengaluru. “It elongates the growth story and allays any concerns of slowdown for Asian chipmakers."

At the same time, a gauge of tech shares listed in Hong Kong dropped amid a brewing price war between Alibaba Group Holding Ltd. and Tencent Holdings Ltd. over cloud services.

Gold extended declines after dropping 1.7% Wednesday following the Fed minutes. West Texas Intermediate also slipped, on track for a fourth daily loss. Copper prices fell on signs of weakening demand.

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