US Stocks gain on bargain hunting

The US stock market finished session modestly higher on Tuesday, 20 December 2022, snapping four days losing streak, as investors chased for bargain hunting at relatively reduced levels following recent selloff. However, market gains capped amid lingering concerns the Federal Reserve's aggressive interest rate hikes will tip the economy into a recession.

At the close of trade, the Dow Jones Industrial Average index advanced 92.20 points, or 0.28%, to 32,849.74. The S&P500 index grew by 3.96 points, or 0.1%, to 3,821.62. The tech-heavy Nasdaq Composite Index added 1.08 points, or 0.01%, to 10,547.11.

ECONOMIC NEWS: The Commerce Department released a report showing housing starts fell by 0.5 percent to an annual rate of 1.427 million in November after tumbling by 2.1 percent to a revised rate of 1.434 million in October. The building permits plunged by 11.2 percent to an annual rate of 1.342 million in November after slumping by 3.3 percent to a revised rate of 1.512 million in October.

 

Among Indian ADR, HDFC Bank added 1.85% to $70.01, Wipro rose 1.5% to $4.65, Dr Reddy's labs added 0.4% to $53.07, ICICI Bank gained 1% to $22.19, and INFOSYS was up 1% at $18.06. Tata Motors grew 0.8% at $24.76. WNS Holdings rose 0.4% to $76.80, and Azure Power Global fell 1% to $4.86.

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