US Market rises on bargain hunting

The US stock market finished session sharply higher on the first trading day of the week, Monday, 13 February 2023, as investors chased for bargain hunting following the weakness seen last week, with shares of tech, consumer goods, retails, and financials being notable gainers.

However, market gains capped as investors awaited Labor Department January's consumer-price index reading data due later this Tuesday that will help them assess where monetary policy is headed.

At the close of trade, the Dow Jones Industrial Average index surged 376.66 points, or 1.11%, to 34,245.93. The S&P500 index was up 46.83 points, or 1.14%, to 4,137.29. The tech-heavy Nasdaq Composite Index increased by 173.67 points, or 1.48%, to 11,891.79.

Total 10 of 11 sectors ended higher along with the S&P500 Index. Information technology was top performing sector, rising 1.77%, followed by consumer discretionary (up 1.46%), consumer staples (up 1.17%), and financials (up 1.1%) sectors, while energy was lone bottom performer, falling 0.61%.

Among individual stocks, Shares of Fidelity National Information Services plunged 12.5% following news the payments company plans to spin off its merchant business and take a $17.6 billion loss following a failed acquisition.

Among Indian ADR, ICICI Bank added 0.44% to $20.67, INFOSYS was down 0.73% at $19.02, WNS Holdings added 1.63% to $88.66, Dr Reddy's labs added 0.73% to $55.31, and HDFC Bank added 1.4% at $68.91. Azure Power Global added 1.5% to $3.38. Wipro was down 0.4% at $4.88.

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