The Nifty saw a weak close 2nd day running with both foreign and local funds being net sellers as markets react to US cues of rising yields which hurts sentiment.
The other bother for the Indian context is the rise in crude to 7-year highs. Midcaps saw selling pressure as collateral losses in futures saw selling in mid and small caps.
For today expect banks to outperform even as foreign selling in IT and metals sees pressure on the index.
US Market: US markets see another day of weakness as markets adjust to the possibility of higher rates in 2022 with the Federal Reserve determined to control inflation.
Nasdaq closes lower by 160 points or corrects 10% from recent highs as money exits technology stocks to buy fixed income. Dow Jones closes lower by over 330 points after being up 180 in the intraday trade.
Bond yields close lower at 1.83% while the US$ index sees weakness to close near 95.43.
Asian Market: Asian markets opened muted with the Japanese 'Nikkei' recovering from morning lows to trade marginally in the green.
The other outperform in Asia has been the Hang Seng index which is seeing strong contrarian buying in Chinese stocks and banks with the index seeing gains for the 3rd day.
Taiwan and South Korean markets have seen profit booking & could see consolidation even as demand for fresh energy IPO saw record flows in South Korean Markets.
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