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Wall Street's indexes saw gains on Monday, driven by semiconductor stock rallies and a report suggesting a less aggressive tariff approach by the Trump administration. The Dow climbed 67 points, S&P 500 rose by 41 points, and Nasdaq increased by 243 points. Chipmakers surged with Nvidia, AMD, and Micron leading gains, thanks to Microsoft's AI investment and Foxconn's strong earnings.
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Since the sell-off began in the last week of September, key indices have fallen 10-11% led by one of the highest-ever selling sprees by foreigners in this period. The study showed that outflows are about 0.2% of the average market capitalisation in this period.
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Bhamre said that oil marketing companies such as HPCL and BPCL are witnessing profit booking after gains, and stocks such as Indraprastha Gas and Mahanagar Gas are under pressure as they are not expected to get subsidised gas anymore.
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