US Stocks extend gain on CPI data

The US stock market managed to finish the day mostly higher on Tuesday, 13 December 2022, registering second day of straight gains, as risk sentiments strengthened after the release of a report from the Labor Department showing consumer prices in the U.S. inched up by less than expected in the month of November.

However, market gains capped as traders seemed reluctant to make significant beats ahead of the Federal Reserve's highly anticipated monetary policy decision on Wednesday. The U.S. central bank is widely expected to raise interest rates by 50 basis points, though focus would be on the bank's updated economic projections and Fed Chair Jerome Powell's press conference.

At the close of trade, the Dow Jones Industrial Average index advanced 103.60 points, or 0.3%, to 34,108.64. The S&P500 index increased by 29.09 points, or 0.73%, to 4,019.65. The tech-heavy Nasdaq Composite Index spurted 113.08 points, or 1.01%, to 11,1256.81.

Total 10 of 11 sectors of the S&P500 index close higher, with real estate sector outperformed, gaining 2.04%, followed by energy (up 1.77%), communication services (up 1.7%), and materials (up 1.34%) sectors.

ECONOMIC NEWS: Labor Department said its consumer price index crept up by 0.1% in November after climbing by 0.4% in October. Excluding food and energy prices, core consumer prices edged up by 0.2% in November after rising by 0.3% in October. The report also showed the annual rate of growth by consumer prices slowed to 7.1% in November from 7.7% in October. The annual rate of growth by core consumer prices also slowed to 6% in November from 6.3% in October

Among Indian ADR, Tata Motors added 1.74% to $25.16, WHDFC Bank added 0.53% to $69.68, Wipro was up 0.62% to $4.83, Dr Reddy's Labs added 0.57% to $54.62, INFOSYS was up 1.74% at $18.73 and Azure Power Global rose 2% to $4.71. NS Holdings sank 0.04% to $81.71 and ICICI Bank fell 0.61% to $22.61.

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