Stock Market LIVE Updates: GIFT Nifty indicates a weak start; US markets mixed; Asia trades lower

Oil prices rose on Wednesday on expectations major producers will maintain production cuts at a meeting this Sunday at the same time fuel consumption should begin rising with the start of the peak summer demand season.

Brent crude futures for July delivery rose 27 cents, or 0.3%, to $84.49 a barrel. U.S. West Texas Intermediate futures for July climbed 35 cents, or 0.4%, to $80.18.

-Nasdaq clinches new closing high; tops 17,000 for the first time powered by Nvidia

-Asia trades mostly lower; Hnag Seng, Kopsi down 1% each

-US 10-year yield tops 4.5%, hits 4-week high amid poor auction on the 5-year note

-Oil surges amid heightened geopolitical risks ahead of OPEC+ meet

-Gold rises on softer dollar ahead of US inflation data this week

-GIFT Nifty signals a soft start

Asian markets were trading mostly lower on Wednesday after the Nasdaq Composite hit record high on Wall Street to surpass 17,000 for the first time, powered by a 7% gain in tech darling Nvidia.

The Nasdaq crossed 17,000 for the first time ever on Tuesday, boosted by gains in Nvidia, while the S&P 500 closed barely higher and the Dow ended lower as Treasury yields rose.

Nvidia jumped 7% and boosted shares of other chip stocks as traders returned from a holiday-extended weekend. An index of semiconductors rose 1.9%.

S&P 500 technology led gains among sectors, while healthcare was the biggest decliner along with industrials.

The Dow Jones Industrial Average fell 216.73 points, or 0.55%, to 38,852.86, the S&P 500 gained 1.32 points, or 0.02%, to 5,306.04 and the Nasdaq Composite gained 99.09 points, or 0.59%, to 17,019.88.

After hitting record highs in the previous session, the Indian benchmark indices remained in consolidation mode on May 28. At close, the Sensex was down 220.05 points or 0.29 percent at 75,170.45, and the Nifty was down 44.30 points or 0.19 percent at 22,888.15.

After a positive start, the market gyrated between gains and losses during the session, but again, selling in the last hour dragged the indices to the day’s low point.

Biggest Nifty losers included Adani Ports, Power Grid Corp, Coal India, Adani Enterprises and BPCL, while gainers were Divis Laboratories, SBI Life Insurance, HDFC Life, Grasim Industries and Hero MotoCorp.

On the sectoral front, Oil & Gas, Capital Goods, Telecom, PSU Bank, Power and Realty were down 1-2 percent. However, pharma index was up 0.5 percent.

BSE Midcap index was down 0.5 percent and smallcap index shed one percent.