Benchmarks near the day s high; oil & gas shares decline business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
The US stock ended mixed in the overnight session as a rotation out of growth stocks drove the Nasdaq 100 Index into a technical correction and offset stocks that rose on hopes the $1.9 trillion Covid-19 relief bill will spur the US economic recovery. The Nasdaq Composite dropped 2.41% to its lowest close since November and is now down 11% from an all-time high in February. The S&P 500 lost 0.54% while the Dow hit a record high and rose 0.97%. Asian stocks mirrored the sentiment in US stocks and were trading mixed. Japan s Topix index rose 0.4%, Australia’s S&P/ASX 200 Index added 0.7% while Kospi index fell 0.7%.
Financial stocks are witnessing buying interest, with SBI Life Insurance, Kotak Mahindra Bank, HDFC Bank, Axis Bank, ICICI Bank and HDFC gaining 1.3-5.2 per cent each on the BSE
The rise came as US Treasury Secretary Janet Yellen played down inflation fears overnight, suggesting the fears that the US $1.9 trillion relief bill could trigger a rapid rise in inflation are misplaced.
Read more about Market Wrap, March 9: Here s all that happened in the markets today on Business Standard. Financial and IT counters heavy lifted the markets today, and managed to keep the equity markets in the green on Tuesday. The volatility gauge