US Market extends losses on inflation woes

The US stocks turned lower after giving up early gains on Monday, 11 October 2021, with the major three indexes finishing the day in negative territory, as investors worried that surging energy prices would fuel inflationary pressures and potentially derail the US economy. Meanwhile, Lingering concerns about the Federal Reserve scaling back its asset purchases weighed on Wall Street.

At the close of trade, the Dow Jones Industrial Average index declined 250.19 points, or 0.72%, to 34,496.06. The S&P500 index fell 30.15 points, or 0.69%, to 4,361.19. The tech-heavy Nasdaq Composite Index dropped 93.34 points, or 0.64%, to 14,486.20.

Total volume turnover on U.S. exchanges stood at 7.02 billion shares, virtually unchanged from yesterday's 7.02 billion shares. In the NYSE exchange, 1418 issues advanced, 1825 issues declined, and 162 issues closed unchanged. In the NASDAQ, 1609 issues advanced, 2752 issues declined, and 212 issues unchanged.

Total 9 of 11 sectors ended down along with the S&P500 index, with communication services (down 1.45%), was worst performing sector, followed by utilities (down 1.35%), financials (down 1%), industrials (down 0.76%), and healthcare (down 0.75%), while real estate (up 0.17%) was top gaining sector.

Brokerage stocks showed a notable move to the downside on the day, meanwhile weakness was also visible among interest-rate sensitive utilities stocks. Telecom, airline and banking stocks also moved lower on the day, while steel stocks bucked the downward trend.

Among Indian ADR, Wipro added 0.1% to $8.83, Dr Reddys Labs added 0.2% to $64.44, ICICI Bank added 0.8% to $18.77, Vedanta added 3.96% to $16.02, and Tata Motors grew 6.5% to $28.06. INFOSYS fell 0.5% to $21.82, HDFC Bank fell 0.1% to $72.60, and WNS Holdings fell 2.4% to $80.31.

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