The Nifty saw a very big sell-off post-lunch as ETF outflows caught most unprepared as the index after seeing intraday gains of over 150 points saw a decline of nearly 150 points closing lower by 143 points.
Bank Nifty also saw intraday volatility of nearly 1300 points to close lower by 440 points. Mid-caps also fell with the broader market as both local & foreign flows turned negative.
Expect some more volatility this week as markets await Federal Reserve action on rising yields.
US Market: Dow Jones hits fresh new all-time highs as US industrial stocks see the best week of the year with banks & metals leading the gainers.
Nasdaq closes in the red with money seeing rotation from high priced technology stocks into cyclicals.
Bond yields hit fresh new highs at 1.62% even as US$ sees a fresh bout of weakness.
Asian Market: Asian markets opened in the green led by the Japanese Nikkei, which traded higher by nearly 150 points as markets adjusted to higher US yields.
Chinese stocks will again be in focus as markets factor higher productivity with export growth in numbers from the economy showing strength.