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The US markets continued to trade flat on June 21 as chip stocks dragged. Meanwhile, freshly released economic data was encouraging. Reuters reported that despite business activity in the US creeping up to a 26-month high in June, price pressures subsided considerably, thus offering hope that a recent slowdown in inflation might sustain. Manufacturing PMI for the month increased to 51.7, as against the expected dip to 51.
S&P 500 at 9:15pm IST traded flat-to-negative at 5,469 and the Nasdaq Composite was marginally up by 0.11 percent at 17,740. The Dow Jones Industrial Average fell 0.1 percent to 39,096.
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The AI chipmaker, Nvidia, tumbled nearly 4.5 percent after the stock lost its position as the biggest company in terms of market valuation to Microsoft in the previous session. Other top market losers included Micron Technology, Western Digital, Qualcomm and Broadcom which fell between 4 to 6 percent.
The GIFT Nifty traded flat-to-positive at 23,474.50, after the Indian indices ended negative earlier during the day.
Indian indices hit new highs during intraday trade but ended the week in red. Nifty hit a new high of 23,667.10 during intraday trade but ended 0.28 percent lower at 23,501.10. Sensex also fell 0.35 percent to 77,209.90.
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The European indices gave up previous day’s gains and edged lower on Friday. The FTSE fell 0.42 percent to 8,273.72 and the DAX was down 0.38 percent at 18,185.23. CAC also fell nearly 0.6 percent to 7,628.57.
Earlier during the day, the Asian markets declined owing to weak global cues. Nikkei ended flat-to-negative at 38,596.47 and the Hang Seng tumbled 1.67 percent to 18,028.52.
DIIs net purchased Rs 1,237.21 crores in Indian equities while the FIIs/FPIs net sold Rs 1,790.19 crores.
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Crude lost its four-day gaining streak and edged 0.11 percent lower to $81.20. Brent traded flat-to-negative at $85.67.
