Nifty closed with deep cuts as banks and NBFCs saw the index decline nearly 4.5%. Bank Nifty fell over 5% as large cap banks like HDFC and ICICI fell over 7/8%, which dragged the index lower. The ETF sell-off from foreign investors continued to put pressure on large caps as mid caps fell just 2-2.25%, indicating the breadth of the market. For today, expect some consolidation even as global cues show improvement with 2nd half buying/short covering driving up stocks and broader market seeing outperformance.
US Market: US indices bounce back with Dow Jones rising nearly 700 points while Nasdaq closed higher by over 3.6%. Oil prices continue to be under pressure with brent prices hitting 25 year lows. Banks, industrials and technology stocks outperform as globally equities see resumption of buying interest.
Asian Market: Asian indices opened in the green as PMI data from China surprised all on the street with huge expansion after the February deep decline. This saw equities rise in tandem with the Australian, South Korean and Japanese indices seeing over 2% up moves. China should also see strong rebound as smart money buys Chinese manufacturing stocks.