US Stocks gain on bargain hunting

The US stocks claw back some ground on Thursday, 11 November 2021, with the Nasdaq and the S&P 500 indexes finishing higher after two days of inflation-driven selloff, while the Dow saw further downside.

The rebound in the market came as some investors looked to pick up stocks at somewhat reduced levels after the drop seen on previous sessions. However, gains were limited amid lingering concerns about inflation and the Veterans Day holiday.

At the close of trade, the Dow Jones Industrial Average index declined 158.71 points, or 0.44%, to 35,921.23. The S&P500 index added 2.56 points, or 0.06%, to 4,649.27. The tech-heavy Nasdaq Composite Index rose 81.58 points, or 0.52%, to 15,704.28.

Total volume turnover on U.S. exchanges stood at 10.17 billion shares. Advancing stocks outnumbered declining ones on the NYSE exchange by 1887 to 1436 and 146 closed unchanged. In the NASDAQ, 2660 issues advanced, 1892 issues declined, and 227 issues unchanged.

Total 6 of 11 S&P500 sectors ended up, with materials (down 0.85%) was top performing sector, followed by information technology (up 0.53%), while utilities (down 0.6%) was bottom performing issue followed by communication services (down 0.47%) issue.

Tesla Inc shares rebounded 1.4% after suffering 12.6% drop earlier this week, even after filings showed Chief Executive and top holder Elon Musk had sold about $5 billion of the stock over recent days.

Walt Disney Co shares closed 8% down after reported the smallest rise in Disney+ subscriptions since the service's launch and posted downbeat profit at its theme park division.

Among Indian ADR, Tata Motors added 0.39% to $33.59, WNS Holdings added 0.63% to $88.07, INFOSYS added 1.05% to $23.20, Wipro added 0.34% to $8.94, Azure Power Global added 3.14% to $22.98, and Dr Reddys Labs rose 0.03% to $64.96. HDFC Bank fell 0.1% to $71.35 and ICICI Bank fell 0.77% to $20.60.

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