The Nifty saw the much-needed correction get deeper as it slid over 200 points intraday before closing lower by 150 points.
Bank Nifty was the star as it outperformed all indices to close almost flat. SBI, IndusInd, and Axis bank lead the gainers while Hindalco, Vedanta, Titan, and BPCL saw profit booking.
Midcaps also saw selling pressure as local funds have been huge sellers in the last 7 days which intensified with foreign investors also pushing the sell button.
US Market: US markets closed mixed with Dow Jones scaling new all-time highs and closing higher by 150 points while Nasdaq sees profit booking to close flat.
Bond yield spike to 1.66% the highest in over 5 months while US$ index ended near 93.54. Oil prices also closed at the highest level in over 5 years with Brent crude crossing US$ 86.
Asian Market: Asian markets opened in the red mildly with the Japanese 'Nikkei' trading lower by 70 points while the Taiwan and South Korean markets traded with mild gains.
The Chinese stocks will be in focus as the Government could intervene to stimulate growth after weaker than expected GDP numbers saw slowdown in manufacturing.