The European markets traded higher on Friday as investors digest the 25 basis point interest rate hike by the European Central Bank. The British FTSE was last trading 0.4 percent higher. French CAC was trading 0.3 percent higher. The biggest European market by volume, German DAX was also trading 0.1 percent higher.

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European markets closed largely lower on Thursday, with CAC and FTSE ending 0.5 percent lower and 0.3 percent higher respectively. The ECB hikes interest rates by 25 basis points to four percent and hinted at uncertainty on inflation.

The Wall Street ended higher on Thursday. Dow Jones Industrial Average ended 1.3 percent higher, while S&P ended 1.2 percent higher and Nasdaq Composite ended 1.2 percent in the green. S&P 500 and Nasdaq surged to close at their highest in 14 months.

The European markets are also taking cues from their Asian counterparts. Asian markets traded higher on Friday. Japan's Nikkei was last trading 0.7 percent higher. Hong Kong was up 0.8 percent. China's Shanghai Composite was last trading 0.6 percent higher.

Crude oil prices extended losses on Friday. At the last count, Brent crude futures were trading 0.1 percent lower at $75.6 a barrel. US West Texas Intermediate futures, too, were trading 0.1 percent lower at $70.6 per barrel.

The Indian indices extended gains on Friday. At the last count, Sensex was up 250 points, and Nifty 50 was trading above the 18,760.

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