US: Stocks fall on profit booking

The US equity market finished session lower Tuesday, 09 June 2020, as traders cashed in on some of the market's recent gains on concern the blistering rally in risk assets overshot economic prospects. Most of sectors declined, with financial, industrial and health care stocks being notable losers.

At closing bell, the Dow Jones Industrial Average dropped 300.14 points, or 1.1%, to 27,272.30. The S&P 500 index fell 25.21 points, or 0.8%, to 3,207.18. The tech-heavy Nasdaq Composite Index gained 29.01 points, or 0.9%, to 9,953.75, a new all-time closing record.

ECONOMIC NEWS: US Wholesale Inventories Rise By 0.3% In April- US wholesale inventories rose by 0.3% in April after tumbling by a revised 1.1% in March, according to a report released by the Commerce Department on Tuesday. The rebound in wholesale inventories came as inventories of non-durable goods surged up by 1.1% in April after plunging by 3.4% in March. Meanwhile, the report said inventories of durable goods fell by 0.3% in April after rising by 0.4% in the previous month.

Among Indian ADR, ICICI Bank fell 0.46% to $9.23, HDFC Bank fell 4.28% to $43.87, Vedanta dropped 1.78% to $5.52, WNS Holdings declined 1.75% to $54.53, Tata Motors shed 6.15% to $7.32, INFOSYS slipped 2.41% to $9.33, and Wipro sank 4.32% to $3.32, while and Dr Reddys Labs grew 4.47% to $54.65.

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