US Market bounces on bargain hunting

The US stock market finished session higher on Monday, 06 December 2021, as investors chased for bottom fishing on heavily battered shares amid easing concerns about the Omicron variant of the coronavirus after indications the new strain causes milder symptoms.

All S&P sectors advanced, led by shares of economically sensitive sectors, with financials, industrials, energy, and materials being notable gainers after sharp declines in the previous week.

At the close of trade, the Dow Jones Industrial Average index advanced 646.95 points, or 1.87%, to 35,227.03. The S&P500 index rose 53.24 points, or 1.17%, to 4,591.67. The tech-heavy Nasdaq Composite Index gained 139.68 points, or 0.93%, to 15,225.15.

Total volume turnover on U.S. exchanges stood at 10.19 billion shares. Advancing stocks outnumbered declining ones on the NYSE exchange by 2523 to 860 and 124 closed unchanged. In the NASDAQ, 3000 issues advanced, 1750 issues declined, and 192 issues unchanged.

All 11 S&P500 sectors ended up, with industrials (up 1.64%) was best performing sector, followed by consumer staples (up 1.6%), energy (up 1.53%), materials (up 1.48%), and financials (up 1.41%) sectors.

Tesla Inc shares fell after reports that the U.S. SEC has opened a probe into the electric-car maker over whistleblower claims on solar panel defects.

Kohl's Corp shares rose after hedge fund Engine Capital LP said it is pushing the department-store chain to consider a sale of the company or separate its e-commerce division to improve its lagging stock price.

Among Indian ADR, Wipro fell 1.69% to $8.44, INFOSYS fell 2.71% to $22.26, Azure Power Global sank 1.75% to $17.99, and Dr Reddys Labs fell 1.6% to $59.55. HDFC Bank dropped 0.57% to $65.89, ICICI Bank slid 0.92% to $18.31, and Tata Motors slid 2.1% to $30.79. WNS Holdings rose 0.81% to $84.78.

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