Progress in US-China trade talks and the Iran-Israel ceasefire holding ground became harbingers of hope for the world shares that rallied to record highs on Friday.
The US-China trade agreement announcement, especially with regards to China expediting rare earth shipments to the US, was taken as a sign of good hope of better trade ties between the world’s two biggest economies, stepping –up bets for US rate-cuts.
The S&P 500 and the Nasdaq Composite both rose about 0.4 per cent, surpassing their February and December peaks, respectively. It was also their best recovery since the April 2 Liberation Day tariff announcement by US President Donald Trump.
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Shares of Nvidia – the world’s most valuable company – rose 0.7 per cent to a record high, while Amazon and Apple shares also rose.
The pan-European STOXX 600 index was up 0.8 per cent, London's FTSE 100 was up 0.5 per cent and Germany's DAX gained 0.6 per cent.
The MSCI World Equity Index touched a fresh record high and was set for a weekly gain of 2.8 per cent.
Closer home, the Sensex was up 303.03 points or 0.36 percent at 84,058.90, and the Nifty was up 88.80 points or 0.35 percent at 25,637.80.
The NSE Nifty 50 and BSE Sensex had both closed 1.21 per cent higher at 25,549 and 83,755.87 respectively on Thursday.
BSE Midcap and smallcap indices gained 0.5 percent each. Among sectors, except IT and realty, all other indices ended in the green with Capital Goods, Healthcare, oil & gas, power, telecom, PSU Bank up 0.5-1 percent. Jio Financial, IndusInd Bank, Adani Enterprises, Asian Paints, Apollo Hospitals were among major gainers on the Nifty.
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