Broader market stocks also remained under pressure. Despite the volatile moves, the volatility index fell by nearly 4 per cent, indicating that traders are not panicked with the profit booking.
Written by GaryRetail sales drop worse-than-expected 1.1% as rising Covid fears hit consumers (SPY -0.4%). Home Depot shares tumble despite an earnings beat. Retailers rang up fewer customers as DIY trends weaken.
The broader market continued to lose momentum as most small and midcap indices closed in the red. The volatility indicator also jumped as traders were on their toes.
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The most recent update on the U.S. Electric Vehicle tax credit bill is that it will only apply to electric vehicles costing $40,000 or less and for people with an income less than $100,000. Tesla won't qualify for this in most cases, but they can do something smart in order to qualify most of their vehicles for a tax credit.
The 30-share pack Sensex climbed 593.31 points or 1.08 per cent to close at 55,437.29. Its broader peer NSE Nifty rose 164.70 points or 1.01 per cent to 16,529.10. Both indices scaled new highs.
Analysts said an unexpected drop in US consumer price inflation calmed investor nerves despite Federal Reserve officials continuing to pass hawkish commentary.
Broader market stocks saw heavy selling, with one time advance-decline ratio rising to 1:8 levels. However, clarity on newly enacted rules from BSE helped recover some losses.