Stock market updates: Enthused by less than three lakh daily Covid-19 cases for the second straight day, domestic indices advanced over 1 per cent on Tuesday. Automobile and consumer discretionary stocks caught investors' fancy as they hoped that restrictions/curbs would ease once cases decline further.
Supporting the sentiment were news flows around vaccination front that more and more pharma companies are tying up for vaccine manufacturing. Visibility on economic recovery has largely continued even during the lockdown and now, with restrictions likely to ease, consumer demand is expected to make a come-back, believe analysts.
Given this, the benchmark S&P BSE Sensex soared 613 points, or 1.24 per cent, to end the day at 50,193 levels with only four stocks -- Bharti Airtel, ITC, Dr Reddy's Labs, and State Bank of India -- settling the day in the red.
On the NSE, the Nifty50 index reclaimed the 15,000-mark for the first time since March 12 on a closing basis, and shut shop at 15,108 levels, up 185 points or 1.24 per cent.
M&M (up 6 per cent), Bajaj Auto, Titan, Bajaj Finance, Adani Ports, Tata Motors, and Indian Oil Corporation were the top Nifty gainers today while Airtel, ITC, Coal India, Divis Labs, UPL, and Grasim were the top laggards.
In the broader market space, the S&P BSE MidCap index zoomed 1.9 per cent to settle at 21,232 after hitting record peak of 21,265 levels earlier today. Investors are heading more for mid-cap stocks as growing risk appetite and cheaper valuations of these companies as compared to large-cap peers have revived their popularity.
Individually, Jubilant FoodWorks, Indian Hotels Company and Page Industries from the consumer discretionary space; Ashok Leyland, TVS Motor Company and Bharat Forge from automobiles; AU Small Finance Bank, Muthoot Finance, Shriram Transport Finance Company and Federal Bank from financials; and Adani Transmission, Adani Power and Adani Green Energy from Adani Group were up between 3 per cent and 6 per cent on the BSE. READ MORE
The SmallCap index, meanwhile, ended 1.3 per cent higher at 22,848.
Sectorally, the Nifty Auto index climbed 3.3 per cent on the NSE, followed by the Nifty Energy index (up 2 per cent), and the Nifty Metal index (up 1.7 per cent). On the contrary, the Nifty PSU Bank index and the Nifty FMCG index slipped 1.3 per cent and 0.25 per cent, respectively.
European stocks advanced on Tuesday with the pan-European Stoxx 600 up 0.4 per cent. US stock index futures also picked up in early premarket trade; Dow futures added 92 points, while contracts tied to the S&P 500 and Nasdaq 100 also advanced modestly.
Shares in the Asia-Pacific region also jumped in Tuesday’s trade led by Japan's Nikkei, up 2 per cent; South Korea's Kospi gained 1.3 per cent; and China's CSI300 index adding 0.5 per cent.
MARKET CLOSING COMMENT :: Deepak Jasani, Head of Retail Research at HDFC Securities
ndian equity benchmark indices rose for a second day on May 18, tracking most Asian peers and closed at a two month high. Nifty opened with an upgap and made a 94 point high-low range for the day. At close, Nifty 50 Index added 1.24% or 185 points to close at 15108.
Volumes on the NSE were above recent average. Among sectors, Capital Goods, Consumer Durables, Power and Auto rose the most while Telecom and FMCG fell. Midcap index outperformed the Nifty.
Nifty breached the earlier resistance of 15044 with an upgap and closed with sharp gains. Advance decline ratio was also positive. The next resistance for the Nifty is at 15186-15240 while the support for the near term could come in at 14938-14988. Falling new cases of Covid-19 and faster recoveries has raised hopes that the second wave is now on a decline mode and India shall soon be back on the normal growth path.
TECH VIEW :: Nagaraj Shetti, Technical Research Analyst at HDFC Securities
The short term trend of Nifty continues to be positive. The unfilled opening upside gap and a formation of small positive candle could hint at a possibility of profit booking emerging from the highs. Hence, bulls needs to be cautious at the swing highs. Nifty not showing any profit booking in the next couple of sessions could open the next upside levels of 15450-15500 in the near term. Immediate support is placed at 15000 levels.
TECH VIEW :: Sumeet Bagadia, Executive Director at Choice Broking
Technically, the nifty index has given a Falling Channel breakout and sustained above the prior resistance levels on the daily chart, which suggests bullish strength for the upcoming sessions. Moreover, the index has also taken good support at 100-DMA and settled above Ichimoku Cloud formation, which indicates continued upside move for the long term. An oscillator Stochastic & MACD also suggested positive crossover on the daily time-frame. At present, the nifty index is holding support at 14950 levels while an upside resistance seems at 15300 levels.
Nifty has finally regained momentum after spending nearly two months in a consolidation range and reclaimed the 15,000 mark. The rise can be attributed to a decline in India's COVID cases and stability in the global markets. Among the sectoral indices, banking and auto have witnessed decent traction in the last two sessions after underperforming for nearly a month or two. Indications are in the favor of prevailing up move to continue thus we suggest continuing with the “buy on dips” approach
MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services
In anticipation of rapid fall in covid cases, the implication of corporate results and favourable Asian markets, the Indian market has reverted with a strongly after the 3 months of muted performance. Global futures indices rose ahead of the release of the Fed's policy minutes, which is due on Wednesday, in anticipation of accommodative outlook
TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities
Index opened a day with a strong gap above its good hurdle zone of 15050 & managed to close a day at 15108 with good gains of more than one percent. Going forwards 15000-14900 will act as a strong base holding above said levels structure will be quite positive also any dip near said levels will be again buying opportunity with keeping overall stop out level below 14900 zone and resistance is coming near 15200-15300 zone
BSE Snapshot :: M-cap of all BSE listed firms climbs above Rs 216-trillion mark
Broader market :: BSE SmallCap index ends 1%
Broader market :: BSE MidCap index hits record high of 21,265 in intra-day deals
NSE Snapshot :: Top Nifty50 gainers of the day
RIL, HDFC Bank, Infy remain top contributors towards Sensex's gain today
Sectoral trends on the NSE
Sensex Heatmap at Close
Top gainers: M&M, Bajaj Auto, Titan
Top losers: Bharti Airtel, ITC, Dr Reddy
The benchmark S&P BSE Sensex soared 613 points, or 1.24 per cent, to end the day at 50,193 levels with only four stocks -- Bharti Airtel, ITC, Dr Reddy's Labs, and State Bank of India -- settling the day in the red.
On the NSE, the Nifty50 index reclaimed the 15,000-mark for the first time since March 12 on a closing basis, and shut shop at 15,108 levels, up 185 points or 1.24 per cent.
Odisha extends lockdown till June 1 as active coronavirus cases top 100,000
Odisha government on Tuesday announced further extension of lockdown from May 19 till June 1 as the active cases in the state soared past 100,000.
However, essential shops will allowed to function from 7 am to 11 am. On weekends, there will be a complete shutdown, starting 6 pm on Fridays till 5 am of Mondays. READ MORE
Sector Watch :: Nifty Energy index adds 2%
BSE Midcap index hits new high led by auto, consumer discretionary stocks
The S&P BSE Midcap index hit a record high of 21,254.92, up 2 per cent on the BSE in the intra-day trade on Tuesday, on the back of a strong rally in automobile, consumer discretionary, financials and Adani Group stocks. The index surpassed its previous high of 21,085.51 touched on March 4, 2021 in the intra-day trade. READ MORE
NEWS ALERT | 0.6% Equity exchanged IN RBL Bank on NSE
MARKET UPDATE:: HDFC Bank, RIL, and ICICI Bank among top Sensex contributors
Brent crude hits $70/bbl-mark
Gold extends rally as weak dollar, inflation jitters lift appeal
Gold prices extended gains on Tuesday, hitting their highest level in more than three-and-a-half months, as a weaker U.S. dollar and growing inflationary pressure bolstered the metal's appeal as an inflation hedge. Spot gold was up 0.2% at $1,869.12 per ounce by 0642 GMT, after hitting its highest since Jan. 29 earlier in the day. U.S. gold futures rose 0.1% to $1,869.90. READ MORE
Easy Trip Planners hits 20% upper circuit on heavy volumes
Shares of the recently listed Easy Trip Planners, the travel support services company, were locked in the upper circuit of 20 per cent at Rs 229.80 on the BSE in Tuesday's session amid heavy volumes. The trading volumes on the counter jumped over four-fold with a combined 6.41 million equity shares having changed hands on the NSE and BSE at the time of writing this report. There were pending buy orders for 880,000 shares on both the exchanges, the data shows. READ MORE
March Quarter Results :: Canara Bank clocks net profit of Rs 1,011 crore
The Nifty Midcap 100 index yesterday crossed the 25,000-mark for the first time and continues to hit all time high as the sentiments improve. Over last 1 year, Nifty Midcaps have clearly outperformed, giving returns of ~94% vis-à-vis 65% return in Nifty. As domestic covid cases fell below the 3 lakh mark for the second day in a row since mid-April, helped by the extended lockdowns by majority states, sentiments have turned buoyant. Hopes have accelerated that soon restrictions/curbs would be eased once cases decline further. Even the news flows around vaccination front is boosting confidence as more Pharma companies are tying up for vaccine manufacturing. Visibility on economic recovery front improves as industrial activities largely continued even during the lockdown and now with restrictions likely to ease, consumer demand is expected to make a come-back. Thus investors are heading more for mid-cap stocks as growing risk appetite and cheaper valuations of these companies compared to large-cap peers have revived their popularity.
European markets check
Sensex Heatmap | Top gainers & losers at this hour
Praj Industries surges 8% on developing eco-friendly bitumen
Shares of Praj Industries moved higher by 8 per cent to hit a new high of Rs 356.80 on the BSE in intra-day trade on Tuesday after the company announced that Circular Biobased Delta has approved Praj’s Bio-bitumen samples processed from purified lignin, as a part of their flagship CHAPLIN program. The Netherlands-based Circular Biobased Delta is one of Europe’s premier consortia to promote bio-economy. READ MORE
>> Rupee gains past 73/dollar market for the first time since March
After 100% gain since Nov, can the rally in Gland Pharma stock continue?
Gland Pharma has already doubled money for those investors who picked the stock at the time of its initial public offering (IPO) in November 2020. And now, the firm's March quarter results have convinced analysts of more upside as they see growth prospects for Gland going ahead. On Tuesday, the stock hit an all-time high of Rs 3,124.75 on the BSE, up 12 per cent over its previous close, following a 34 per cent year-on-year (YoY) rise in its consolidated net profit to Rs 260.4 crore in the March 2021 quarter (Q4FY21) on robust sales. READ MORE
NEWS ALERT | Federal Bank’s board approves investment of Rs 148 cr in subsidiary - FFSL - through rights issue
Dish TV lenders invoke pledged shares, sell 51.1 mn shares in open market
DTH service provider Dish TV on Tuesday said lenders have invoked 5.11 crore pledged promoters' shares, following which the shareholding of the promoter group firm Direct Media Distribution Ventures Pvt Ltd has come down by 2.78 per cent. In a regulatory filing Dish TV India said "5,11,97,105 shares have been invoked by the trustee(s) on behalf of lenders to whom shares of Dish have been pledged". READ MORE
Tata Motors up 3%, Tata Motors DVR hits 52-week high ahead of Q4 results
Shares of Tata Motors, on Tuesday, were up 3 per cent to Rs 332, while Tata Motors DVR (differential voting rights shares) hit a fresh 52-week high of Rs 156, up 3 per cent on the BSE in intra-day trade on Tuesday ahead of its January-March quarter (Q4FY21) earnings today. Tata Motors share hit a 52-week high of Rs 357 on March 3, 2021. READ MORE
Japan's economy shrinks 5.1% during Jan-March as pandemic dries up spending
The Japanese economy contracted at an annual rate of 5.1 per cent in January-March, slammed by a plunge in spending over the coronavirus pandemic, according to government data released Tuesday.
The Cabinet Office's preliminary seasonally adjusted GDP, or gross domestic product, showed household consumption dropped at an annualized rate of 5.6 per cent, while government spending declined 6.9 per cent. READ MORE
Elon Musk fuels Bitcoin volatility by saying Tesla hasn't sold stake
For a second week, the crypto market is being ruled by tweets from billionaire Elon Musk. The Tesla Inc chief sent Bitcoin rallying back above $45,000 on Monday after clarifying that the company hasn’t sold any holdings of the digital token. It’s the latest post to whipsaw prices across the industry and fuel speculation over just why the electric-car pioneer is issuing crypto missives on a daily basis on Twitter. READ MORE
Go Air IPO puts spotlight on Wadia Group stocks. Here's a chart check
Shares of Go Air, the Wadia Group-controlled airline, may soon take flight at the bourses as the airline gears up for Rs 3,600 crore initial public offer (IPO). The budget airline has rebranded itself to become an "ultra-low-cost" airline and plans to raise funds amid the second wave of Covid-19 that has decimated travel demand. READ MORE
Will Go Air's IPO initiate sector re-rating? Here's what analysts think
The Wadia-controlled ultra-low-cost airline GoAir is likely to join its peers InterGlobe Aviation (IndiGo) and SpiceJet at the bourses soon, as the airline prepares itself for the Rs 3,600-crore initial public offer (IPO). The firm’s debut on the exchanges, however, may not trigger a re-rating for incumbent players, believe analysts, who expect turbulent times for the sector in the foreseeable future coupled with high valuations. READ MORE
Brokerages stay bullish on Bharti Airtel post Q4 nos, see up to 33% upside
The telecom operator reported a broadly in-line set of results with a positive surprise on the subscriber addition front offset by a marginally weaker average revenue per user (ARPU). Following the results, most brokerages retained their bullish stance on the stock, with either 'buy' or 'hold' calls. According to UBS, the impact of the second wave of Covid-19 on subscriber additions and ARPUs will be the key monitorables, going ahead. READ MORE
Pharma sector's Q4 results show moderate gains amid Covid-19 pandemic
What will be the impact of the second wave and the pandemic in general on Indian pharmaceutical companies? It should lead to a rise in volumes, given that Indian companies are the world’s biggest bulk drug exporters. India exports roughly 20 per cent of the world’s generic drugs. However, at another level, Indian companies are still struggling with some supply chain issues. READ MORE
Shilpa Medicare jumps 26% in 2 days on tie-up with DRL for Covid vaccine
Shares of Shilpa Medicare rose 13 per cent to Rs 574.90 on the BSE in intra-day trade on Tuesday, up 26 per cent in the past two trading days, after the company on Monday said that it has tied up with Dr. Reddy's Laboratories for production of Sputnik V, a two-dose Covid-19 vaccine. Under the agreement, SBPL will be responsible for manufacturing the vaccine, while DRL is responsible for the distribution and marketing of the vaccine in its marketing territories. READ MORE
Here's what brokerages expect from Tata Motors' Q4FY21 results on Tuesday
According to HDFC Securities, progress on the EV platforms, especially in terms of hybrids, impact of lockdown on the near term on volumes, and impact of scrappage scheme on commercial vehicles (CVs) will be the key things to track.
As per the monthly sales data for April, Tata Motors sold 1.91 lakh units, up 89 per cent on a year-on-year (YoY) basis, while sequentially, volumes grew 21 per cent. In Q4FY21, the company sold 83,857 passenger vehicles (PV), and 98,967 commercial vehicles in the domestic market. It also exported 8,896 units. READ MORE
Adani Green surges 10% in 2 days on report it may acquire SB Energy
Shares of Adani Green Energy were locked in the 5 per cent upper circuit band for the second straight day, at Rs 1,199.65 on the BSE on Tuesday, after a Bloomberg report suggested that the Adani Group Company is in advanced talks to acquire privately-held SB Energy Holdings Ltd. Trading volumes on the counter nearly doubled, with a combined 708,026 equity shares having changed hands on the NSE and BSE till the time of writing of this report. There were pending buy orders for around 125,000 shares on both the exchanges, data shows. READ MORE
India to outperform emerging markets, bet on cyclicals: Morgan Stanley
Indian equities are likely to outperform their emerging market (EM) peers in 2021, says the latest report by Morgan Stanley and bets on domestic cyclical stocks followed by rate sensitives. The research and broking house, however, has kept its December 2021 target for the S&P BSE Sensex unchanged at 55,000 levels (base case; 50 per cent probability) for now – an upside of around 10 per cent from the current levels. READ MORE
NEWS ALERT :: Dilip Buildon executes concession agreement with NHAI
We are pleased to inform you that the 'Bangalore Malur Highways Private Limited', 'Malur Bangarpet Highways Private Limited', 'DBL Poondiyankuppam Highways Private Limited' & 'DBL Viluppuram Highways Private Limited' wholly owned subsidiaries of the company has executed the concession agreement with the National Highways Authority of India (Ministry of Road Transport and Highways) on May 17, 2021, the company said in a filing.
Orient Cement surges 10%, hits 52-week high on strong Q4 results
The cement maker reported revenue growth of 27.1 per cent year-on-year (YoY) at Rs 832 crore. Earnings before interest, taxes, depreciation and amortisation (EBITDA) margin improved by 530 basis points (bps) YoY and 174 bps quarter-on-quarter (QoQ) to 24.4 per cent. READ MORE
MARKET UPDATE:: Sensex off early high, but still up 450 pts
Rupee opens at 73.20 per US dollar vs Monday's close of 73.22/$
MORNING MARKET COMMENTARY :: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The positive trigger for the market now is the steadily declining fresh Covid cases and the steadily rising recovery rates. The latest numbers (2.62 lakh fresh cases & 4.22 lakh recoveries) indicate a continuation of this positive trend. The market is discounting progressive lifting of the widespread lockdowns starting in early June. Even though growth & earnings will be impacted in Q1, smart recovery can be expected in the subsequent quarters.
Sectoral rotation & value buying is pushing up financials particularly banking stocks. The latest trends indicate that the stress in the banking system is not as bad as feared earlier. With progressive unlocking of the economy, credit growth is likely to pick up starting June improving the prospects for frontline financials. Market action is likely to be stock specific in the coming days with the market responding to Q4 numbers & likely trends
Strides Pharma rallies over 3% as promoters release pledged shares
The promoter group of the company have released substantial pledge of over 38 percent, taking the current overall promoter group pledge at 25.98 per cent of the promoter holding and 7.71 per cent of the paid up capital of the company.
HCL Tech trades over half a per cent higher
IT services major HCL Technologies said it is hiring 1,000 technology professionals from the fields of digital transformation, cloud, artificial intelligence and cybersecurity in the United Kingdom.
Apollo Tyres rises 1.6%
Apollo Tyres said it has become the first manufacturer in the country to get accreditation from NABL for outdoor regulatory testing. The company has been accredited with ISO/IEC 17025 for the 'wet grip and coast by noise' tyre tests on the track, Apollo Tyres said in a statement. That apart, the company said Perambra plant in Kerala will be closed till May 23 in view of the local restrictions due to Covid-19.
Wabco India shares decline despite healthy bottom line growth in Q4
Auto component manufacturer Wabco India on Monday reported 55 per cent YoY rise in net profit at Rs 48 crore for the fourth quarter ended March 31, 2021.
Gland Pharma soars over 4% as PAT rises 34% YoY in Q4
Drug firm Gland Pharma reported a 34 per cent YoY rise in its consolidated net profit to Rs 260.4 crore for the fourth quarter ended March 2021, on account of robust sales. It had posted a net profit of Rs 194.8 crore for the corresponding period of the previous fiscal.
Reliance Industries adds 1% on largest international submarine cable system plan
Reliance Jio said it is constructing the largest international submarine cable system centred on India with global partners and submarine cable supplier Subcom to cater to increased data demand.
Orient Cement hits fresh 52-week high post March quarter results
The company logged an over two-fold jump in net profit at Rs 99.87 crore in the fourth quarter ended March 2021. It had posted a net profit of Rs 44.06 crore in the January-March quarter a year ago.
Result impact :: Bharti Airtel erases losses, turns positive
Sectoral trends on the NSE :: Metal, Bank indices up 2%
Sensex Heatmap :: Bharti Airtel sole loser on the index
Opening Bell :: Nifty reclaims 15,100
Opening Bell :: Sensex zooms nearly 600 pts
Commodity prices in early deals
Pre-open session :: Nifty tops 15,000
Pre-open session :: Sensex climbs 300 pts
Top stocks to watch today
Bharti Airtel: The telco reported a consolidated net profit of Rs 759 crore in the fourth quarter of 2020-21 as against a loss of Rs 5,237 crore in the corresponding period of 2019-20. Airtel's average revenue per user (ARPU) stood at Rs 145, down from Rs 166 sequentially and Rs 154 in the year ago period.
Orient Cement: The company logged an over two-fold jump in net profit at Rs 99.87 crore in the fourth quarter ended March 2021. It had posted a net profit of Rs 44.06 crore in the January-March quarter a year ago. READ MORE
BROKERAGE VIEW :: Jefferies on Bharti Airtel
Reco: Hold | TP: Rs 590
During 4QFY21, Bharti Airtel turned FCF negative despite stable CFO due to near doubling of cash capex to Rs148bn including Rs63bn upfront spectrum payment. For FY21, Bharti Airtel turned FCF positive led by 2.7x jump in CFO and 35% lower cash interest costs which offset 62% rise in capex. Consolidated net debt was stable at US$20bn and leverage was comfortable at 3x EBITDA.
Given Bharti's strong subscriber traction, we raise our subscriber estimates 4%. We cut our ARPU estimates by 4-5% to factor the 4Q miss, and we are concerned about declining ARPUs despite strong 4G and postpaid subscriber additions.
Despite a cut in India mobile, we raise our consolidated estimates by 1-3% as we raise our estimates for Homes, Airtel Business and Airtel Africa segments. Over FY21-23, we now expect Bharti Airtel to deliver 13% CAGR in revenues and 18% CAGR in EBITDA assuming 10% tariff hikes in 4QFY22 and 4QFY23. Maintain Hold with PT of Rs590/share
BROKERAGE VIEW :: UBS on Bharti Airtel
Reco: Buy | TP: 665
We will monitor management commentary on the potential impact of the second wave of Covid-19, overall outlook for mobile competition as well as topics such as floor tariffs and 5G spectrum auctions. We will also focus on “flattening ARPUs” and potential impact of recent freebies offered by all telcos as part of pandemic relief.
Overall, a healthy set of results, with Bharti outperforming Jio on most metrics. However, the impact of the second wave of Covid-19 on subscriber additions and ARPUs will be a key monitorable going ahead. We believe Bharti is well placed in the sector. We maintain Buy with a PT of Rs665.
BROKERAGE VIEW :: Goldman Sachs on Bharti Airtel
Reco: Buy | TP: Rs 665
Bharti reported a broadly in-line set of results (+19% YoY wireless revenue growth; 2% below GSe) with higher-than-expected subscriber addition offset by a marginally weaker ARPU. However, Bharti continues to outperform peers, with the company’s revenue market share higher by 110bps/390bps over the last one/five quarters. While we expect short-term headwinds to earnings due to COVID-19 (moderation in subscriber adds) and competition (ARPU pressure), we forecast Bharti’s wireless business to deliver 20%+ revenue and EBITDA growth for the next two years.
We marginally lower our FY2022E-24E EBITDA estimates for Bharti (by up to 2%), and reiterate our Buy rating on the stock with a revised 12m target price of Rs 665 (was Rs 670), implying 21% upside from current levels.
We think the market is under-appreciating a ‘market share re-allocation’ scenario, and we continue to believe one of the two outcomes - tariffs moving up, or market share re-allocation, is highly likely in the near term
Top stock ideas from Anand Rathi
BUY IBREALEST | TARGET: Rs 92 | STOP LOSS: Rs 76
Since almost a month, IBREALEST has been consolidating in a range of 84 - 75. During this period, the stock found support at the placement of 200-day EMA. This support coincides with the flat line of Ichimoku on the weekly scale. The stable price action above such strong support indicates accumulation and the stock is preparing for a fresh upside. Hence, traders are advised to buy the stock near 81 with a stop loss of 76 for the upside potential target of 92 in 3-4 weeks. READ MORE
FII/FPI & DII trading activity on NSE, BSE and MSEI
Brent crude stabilizes around $69/bbl-mark
Gap-up start on cards
>> At 8:16 AM, the SGX Nifty index was ruling 163 points hihger at 15,109 levels.
Asian peers gain in early trade
Asian stocks and US futures rose as investors weighed the pace of growth as nations vaccinate and economies reopen against a pick-up in virus cases in the region.
Nasdaq 100 futures gained 0.4%, Topix index rose 1.5%, Australia’s S&P/ASX 200 Index added 0.6% and Kospi index climbed 1.1%.
Wall Street on Monday
Wall Street ended lower overnight, weighed down by tech shares as signs of growing inflation worried investors about the potential for tighter monetary policy. The Dow Jones Industrial Average fell 0.16%, the S&P 500 lost 0.25% and the Nasdaq Composite dropped 0.38%.
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