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US stocks ended sharply higher on Wednesday as shares of Nvidia gained ahead of quarterly results from the company whose chips are widely used for artificial intelligence (AI) computing. The Dow Jones Industrial Average rose 0.54%, the S&P 500 gained 1.10% and the Nasdaq Composite added 1.59%.
Asian shares rallied on Thursday after blockbuster results from tech darling Nvidia boosted Wall Street and a retreat in U.S. bond yields eased pressure on borrowing costs globally. Early in the Asian trading day, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.7%, also lifted by Nvidia's bullish outlook. The index is however down 8.1% so far this month due to the weakness in China's economy and yuan, as well as some gloomy factory readings from Japan, which also left sentiment fragile. U.S. stock futures, the S&P 500 e-minis, rose 0.5%. Australian shares edged up 0.27%, while Japan's Nikkei stock index rose 0.23%. China's blue-chip CSI300 index was 0.51% higher in early trade. Hong Kong's Hang Seng index opened up 0.82%.
At 8:20 am, the GIFT Nifty was trading 13 points or 0.07 percent higher at 19,517, indicating a positive opening for the Indian markets.
Benchmark Sensex rose by 213 points while Nifty settled above the 19,400 level on Wednesday following buying in banking counters and early gains in European stocks. The BSE Sensex climbed 213.27 points or 0.33 percent to settle at 65,433.30. During the day, it jumped 284.68 points or 0.43 percent to 65,504.71. The NSE Nifty gained 47.55 points or 0.25 percent to end at 19,444 as 29 of its components ended in the green while 22 declined.
Oil prices slipped in early Asian trade on Thursday as weak manufacturing data in major economies outweighed optimism around a larger-than-expected drop in U.S. crude stocks. Markets are also looking for hints on the outlook for how long interest rates will remain at current levels ahead of a speech by Federal Reserve Chair Jerome Powell at a central bank symposium in Jackson Hole, Wyoming, starting on Thursday. Brent crude fell 27 cents, or 0.3%, to $82.94 a barrel by 0002 GMT, while U.S. West Texas Intermediate crude dropped 31 cents, or 0.4%, to $78.58. a barrel.
The Qatar Investment Authority (QIA) will invest $1 billion or ₹8,278 crore in Reliance Retail Ventures Ltd (RRVL) to pick up a stake of nearly one percent, as per a release issued by the retail arm of Reliance Industries Ltd (RIL) on August 23. The investment values the company at a pre-money equity value of $100 billion or ₹8.27 lakh crore. QIA’s investment will translate into a minority equity stake of 0.99 percent on a fully-diluted basis.
Gold prices jumped to a near two-week high on Wednesday, helped by a pullback in U.S. bond yields and the dollar as investors looked ahead to the Jackson Hole symposium for guidance on interest rates. Spot gold rose 1% to $1,916.10 per ounce by 11:25 a.m. EDT (1524 GMT), after hitting its highest since Aug. 11. U.S. gold futures also climbed 1% to $1,945.50.
Foreign institutional investors (FII) bought shares worth ₹614.32 crore, while domestic institutional investors (DII) purchased ₹125.03 crore worth of stocks on August 23, provisional data from the National Stock Exchange (NSE) showed.
The rupee strengthened for the second consecutive session, registering the highest single-day gain in nearly two months, to close at 82.71 against the US dollar on Wednesday.