US Market ends modestly higher

The US stock market finished higher in lackluster trade on Monday, 12 July 2021, with major averages all closed at records, as sentiments bolstered on optimism over the economic recovery, overshadowing worries about inflation and the Delta variant of Covid-19.

At the close of trade, the Dow Jones Industrial Average index advanced 126.02 points, or 0.36%, to 34,996. The S&P 500 index added 15.08 points, or 0.35%, at 4,385. The tech-heavy Nasdaq Composite Index was up 31.32 points, or 0.21%, to 14,733.

Total 9 of 11 sectors advanced along with S&P 500, with financials (up 0.96%) was top performer, followed by communication services (up 0.9%), real estate (up 0.86%), and consumer discretionary (up 0.59%) sectors.

New York Fed President John Williams told reporters Monday that the recovery in key areas of the US economy is not sufficient enough for the central bank to start pulling back on its aggressive stimulus program.

Shares of Tesla rallied after CEO Elon Musk insisted in court on Monday he does not control Tesla, and he said he did not enjoy being the electric vehicle company's chief executive as he took the stand to defend the company's 2016 acquisition of SolarCity.

Walt Disney shares advanced following a strong opening weekend for its "Black Widow" superhero movie. The entertainment giant also plans to increase the price for its "ESPN+" streaming service.

Didi Global Inc shares dropped after it confirmed China's cyberspace administration notified app stores to remove the ride-hailing company's 25 apps and said the move could impact its revenue in the region.

Virgin Galactic Holdings shares tumbled after the space tourism company said it may sell up to $500 million worth of shares, a day after the company completed its first fully crewed test flight into space with billionaire founder Richard Branson on board.

Among Indian ADR, Tata Motors fell 0.29% to $20.32, INFOSYS fell 1.36% to $21.05, Vedanta fell 1.14% to $14.68. HDFC Bank fell 0.38% to $73.25, WNS Holdings fell 0.37% to $80.71, and Wipro fell 0.39% to $7.60. ICICI Bank added 1.73% to $17.66 and Dr Reddys Labs added 0.22% to $74.12.

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