The Nifty saw a much-needed correction after a superb run in the last 7 days as global weakness saw the index fall nearly 100 points.
However, the intraday recovery was very sharp as mid-caps lead the rebound hitting fresh new all-time highs.
This as the CPSE ETF hits fresh new all-time highs indicating the pent-up demand for PSU stocks.
For today expect some more consolidation/correction in large caps while the mid-cap party may continue.
US Market: US indices close with losses as Dow Jones falls over 450 points with Nasdaq closing almost flat. This as inflation worries rise globally with Asia seeing its biggest sell-off in over 3 months. Bond yields harden to 1.62% while US$ tumbles to new 2 year lows.
Asian Market: Asian markets opened weak after a very weak session on Tuesday with the Japanese Nikkei seeing a 900 point cut as profit booking & worries over inflation saw Asian indices sell-off. Expect some consolidation as money will see an exit on all rallies as markets succumb to profit booking. Chinese stocks could defy the trend as macro numbers beat expectations on growth & manufacturing.