The Nifty saw a sharp decline on opening bell & continued to struggle the whole day as futures traded at massive discount & foreign ETF selling kept pressure on the index.
However, last hour buying by local funds coupled with short covering saw the index recover to close down 70 points after being down 160 points at the lows. FMCG, financial services & HDFC Bank led the gainers while PSU banks, realty & metals saw selling pressure.
US Market: US indices closed with gains as markets back in risk on trade. Dow Jones soars over 580 points as industrials lead the pullback with better than expected home sales data inspiring the bulls. Bond yields remain near 0.7% even as oil & gold remain range bound.
Asian Market: Asian markets opened in the green led by the Japanese Nikkei, which traded higher by 350 points in early trade. This came in after yesterday's sell off where the index lost over 500 points as global cues turned negative. The pullback in most Asian markets seems to price in the visible effects of a milder 2nd wave of the pandemic & return to near term normalcy in economic activity.