US Market rises on bargain hunting

The US stock market finished session sharp higher on Monday, 29 June 2020, as investors chased for bargain hunting after a steep selloff last Friday, thanks to better-than-estimated economic data which helped to overshadow concern over an increase in coronavirus cases

At closing bell, the Dow Jones Industrial Average advanced 580.25 points, or 2.32%, to 25,595.80. The S&P 500 index gained by 44.19 points, or 1.47%, to 3,053.24. The tech-heavy Nasdaq Composite Index rose by 116.93 points, or 1.2%, to 9,874.15.

The Pending Home Sales Index, an advance look at home sales based on signed purchase and sale agreements, fell 5.1 percent in May compared to the same month last year, according to data from the National Association of Realtors (NAR). When compared to April of 2020, the news was much better. Pending sales increased by 44.3 percent last month after two consecutive months of decline, NAR reported.

In virus news, many U.S. states are reportedly returning to previous restrictions following a surge in new coronavirus cases in the country last week. As many as 36 states have reported large number of new cases in the past week. A report from Johns Hopkins University said the number of coronavirus cases worldwide has surpassed 10 million, while the global death toll from the pandemic rose to more than 500,000.

Boeing shares jumped after the Federal Aviation Administration approved key certification test flights for the planemaker grounded 737 MAX that could begin as soon as Monday.

Coty shares jumped as it bought a 20% stake in Kim Kardashian West's beauty brand for $200 million.

Among Indian ADR, Dr Reddys Labs advanced 1.61% to $53.03, WNS Holdings inclined 2.23% to $54.59, Tata Motors added 1.67% to $6.71, HDFC Bank rose 1.18% to $45.62, INFOSYS rose 0.42% to $9.57, and ICICI Bank rose 0.77% to $9.12. Vedanta dropped 0.52% to $5.74, while Wipro ended flat at $3.27.

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