US Market rebounds on bargain hunting

The US stocks recovered ground on Monday, 29 November 2021, with the S&P 500, Dow, and Nasdaq all finishing higher, as investors chased for bottom fishing across the board on hopeful view that vaccines and therapeutics may limit the impact of the latest Covid-19 variant. Meanwhile, bargain hunting was also supported by upbeat pending home sales data.

At the close of trade, the Dow Jones Industrial Average index advanced 236.60 points, or 0.68%, to 35,135.94. The S&P500 index added 60.65 points, or 1.32%, to 4,655.27. The tech-heavy Nasdaq Composite Index rose 291.18 points, or 1.88%, to 15,782.83.

Total volume turnover on U.S. exchanges stood at 9.51 billion shares. Advancing stocks outnumbered declining ones on the NYSE exchange by 1858 to 1523 and 123 closed unchanged. In the NASDAQ, 1994 issues advanced, 2683 issues declined, and 209 issues unchanged.

All 11 S&P500 sectors ended up, with information technology (up 2.64%) was top performing sector, followed by consumer discretionary (up 1.63%), utilities (up 1.57%), and real estate (up 1.33%) sectors.

Shares in Tesla gained 5.1% after a report that chief Elon Musk urged employees to reduce cost of vehicle deliveries.

Shares in Twitter fell 2.7% after the social media firm said chief executive,Jack Dorsey, will step down and be succeeded by Chief Technology Officer Parag Agrawal.

ECONOMIC NEWS: The National Association of Realtors released a report showing pending home sales spiked by 7.5% to 125.2 in October after tumbling by 2.4% to a revised 116.5 in September.

Among Indian ADR, WNS Holdings added 0.8% to $85.88, HDFC Bank rose 0.4% to $67.15, Wipro gained 2.15% to $8.56, INFOSYS climbed up 1.9% to $22.62, Azure Power Global added 3.18% to $21.42, ICICI Bank added 0.9% to $18.99, and Tata Motors added 1.98% to $30.96. Dr Reddys Labs fell 1.81% to $61.85.

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