The S&P 500 and Nasdaq Composite ended at records Wednesday as Nvidia Corp.'s market capitalization touched the $3 trillion mark for the first time. Nvidia is now worth more than Apple, becoming the second-largest U.S. company behind only Microsoft. The rise came amid tentative optimism for interest rate cuts on signs of slowing labor demand and a cooling economy.

US treasury yields continued their fall this week as rate-cut bets were boosted by data showing the economy created fewer than expected private sector jobs in May, with just 152,000 workers hired in the month, down from 188,000 in the prior month, and missing economists estimates of 173,000.

Bank of Canada became the first Group of Seven central bank to kick off an easing cycle. The Bank of Canada has trimmed its key policy rate by 25 basis points to 4.75 percent, in a widely expected move that marked its first cut in four years, and said more easing was likely if inflation continued to ease.

Asia-Pacific stocks rose on Thursday as hopes for rate cuts by the European Central Bank boosted market sentiment, while major indexes in the U.S. hit fresh highs overnight.

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Nifty erased some of the previous day's losses and ended higher on June 05 after the NDA allies pledged support for the alliance to form a government for the third term. At close, Nifty was up 3.36% or 735.9 points at 22620.4. Nifty now should consolidate after a sharp fall. Nifty could now head towards 22858 and 23180 on the upside while 22319 could offer support in the near term.