US Market extends to third day

The US stock market finished higher for third consecutive session on Wednesday, 08 December 2021, as investors appetite for risk assets continued after preliminary laboratory studies showed the Covid-19 vaccine from Pfizer and BioNTech offered some protection against the new Omicron variant.

Pfizer and BioNTech said their three-shot course of the vaccine was able to neutralize the Omicron variant in a laboratory test and they could deliver an upgraded vaccine in March 2022 if needed.

However, market gains were capped after reports that Britain could implement tougher COVID-19 measures, including advice to work from home, as early as Thursday in a bid to slow the spread of the Omicron variant. The Omicron variant has been reported in 57 nations and the number of patients needing hospitalization is likely to rise as it spreads, the World Health Organization said on Wednesday.

At the close of trade, the Dow Jones Industrial Average index advanced 35.32 points, or 0.1%, to 35,754.75. The S&P500 index rose 14.46 points, or 0.31%, to 4,701.21. The tech-heavy Nasdaq Composite Index gained 100.07 points, or 0.64%, to 15,786.99.

Total volume turnover on U.S. exchanges stood at 9.25 billion shares, down from yesterday's 9.95 billion shares. Advancing stocks outnumbered declining ones on the NYSE exchange by 2070 to 1292 and 146 closed unchanged. In the NASDAQ, 3076 issues advanced, 1594 issues declined, and 207 issues unchanged.

Total 8 of the 11 major S&P 500 sector indexes rose, with shares in communication services and healthcare issues leading rally.

Among Indian ADR, Wipro added 0.52% to $8.76, INFOSYS added 1.65% to $23.44, and Dr Reddys Labs added 0.53% to $60.64. HDFC Bank gained 0.24% to $67.46, ICICI Bank added 3.19% to $19.71, WNS Holdings rose 0.38% to $86.38, and Tata Motors rose 2.32% to $32.59. Azure Power Global fell 0.79% to $18.84.

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