US Market closes at fresh highs

The US stocks recovered ground in a volatile trade on Friday, 29 October 2021, with the major averages-the S&P 500, Dow and Nasdaq closing at new record highs. The strength on the Wall Street was chiefly supported by gains in health care stocks after the FDA cleared the Pfizer-Biontech Covid-19 vaccine for children aged 5 to 11 and helped to offset a slide in Apple and Amazon.

At the close of trade, the Dow Jones Industrial Average index advanced 89.08 points, or 0.25%, to 35,819.56. The S&P500 index added 8.96 points, or 0.19%, to 4,605.38. The tech-heavy Nasdaq Composite Index rose 50.27 points, or 0.33%, to 15,498.39. For the week, the Nasdaq surged by 2.7%, the S&P 500 jumped by 1.3% and the Dow rose by 0.4%.

Total volume turnover on U.S. exchanges stood at 10.26 billion shares, down from yesterday's 10.17 billion shares. Declined stocks outnumbered advancing ones on the NYSE exchange by 1621 to 1711 and 141 closed unchanged. In the NASDAQ, 2330 issues advanced, 2261 issues declined, and 225 issues unchanged.

Total 7 of 11 S&P500 index sectors ended lower, with real estate (down 1.19%) was bottom performing issue, while healthcare (up 0.95%) was top performing sector.

ECONOMIC NEWS: US Personal Income Deteriorates In September- US personal income slumped by 1% in September after inching up by 0.2% in August, a report released by the Commerce Department on Friday showed. Disposable personal income, or personal income less personal current taxes, also tumbled by 1.3% in September following a 0.1% uptick in August.

US Consumer Sentiment Weakens In October- US consumer sentiment index for October was upwardly revised to 71.7 from the preliminary reading of 71.4, the University of Michigan revealed in a report released on Friday, but below September's 72.8. The current economic conditions index slid to 77.7 in October from 80.1 in September, while the index of consumer expectations edged down to 67.9 from 68.1.

Among Indian ADR, Vedanta dropped 1.37% to $15.79, Tata Motors shed 1.44% to $31.58, Wipro fell 1.75% to $8.96, and ICICI Bank sank 0.66% to $21.15. WNS Holdings sank 0.43% to $88.81, INFOSYS fell 1.24% to $22.28, and HDFC Bank shed 3.23% to $71.91. Dr Reddys Labs added 0.61% to $61.44.

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