US Market rises on stimulus hopes

The US stock market finished session higher on Wednesday, 30 September 2020, as investors risk sentiments bolstered on good jobs data and revived hopes for a US stimulus package. At closing bell, the Dow Jones Industrial Average index advanced 329.04 points, or 1.2%, to 27,781.70. The S&P 500 index added 27.53 points, or 0.83%, to 3,363.00. The tech-heavy Nasdaq Composite Index rose 82.26 points, or 0.74%, to 11,167.51.

All 11 major S&P indexes were up, with energy, industrials and technology-related stocks among the biggest gainers.

The rally on Wall Street came after Mnuchin said he is "hopeful" about reaching an agreement on a new stimulus bill. U.S. House of Representative Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin hoped for a breakthrough on COVID-19 relief as they prepared to resume talks aimed at hammering out a bipartisan deal.

The markets also benefited from the release of some upbeat U.S. economic data, including a report from payroll processor ADP showing private sector employment surged up by more than expected in the month of September. ADP said private sector employment spiked by 749,000 jobs in September after jumping by an upwardly revised 481,000 jobs in August.

Shares of Moderna Inc gained 2.4% after researchers said its COVID-19 vaccine candidate produced virus-neutralizing antibodies in older adults at levels similar to those seen in younger adults in an early safety study.

Shares of Micron Technology Inc slipped 4.8% after the chipmaker said it has not yet obtained new licenses needed to sell its memory chips to China's Huawei Technologies Co Ltd, which would cut its sales over the next two quarters.

Among Indian ADR, INFOSYS added 1.84% to $13.81, Wipro added 1.29% to $4.70, Tata Motors added 2.48% to $8.09, HDFC Bank rose 2.04% to $49.96, and Dr Reddys Labs inclined 1.33% to $69.56. Vedanta fell 1.2% to $7.39, ICICI Bank was down 0.2% to $9.83, WNS Holdings fell 0.33% to $63.96, and Azure Power Global declined 5.67% to $29.80.

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