The Nifty had a very volatile session as morning cues globally were very weak with the Japanese Nikkei down over 1000 points which saw the index hit 15505 in early trading.
However mid-session buying/short covering saw the index recover all losses & close higher by 70 points seeing intraday swings of over 265 points.
Bank Nifty was even more volatile recovering from 1000 points intraday to close at the highs of the day up 313 points.
Mid-caps also saw strong interest with the index closing higher by 0.85%.
For today expect another day of volatile trade as the expiry of derivative contracts adds to the intraday swings.
US Market: US stocks see a strong pullback after falling over 1000 points last week.
Dow Jones rallies over 550 points to see the best day in over 3 months while Nasdaq closes higher by 0.75%.
Russel 2000 the broader market index closes higher by over 2% indicating the strong pullback in small & mid-cap stocks. Bond yields rise to 1.48% while US$ sees selling pressure from emerging markets currencies.
Asian Market: Asian markets opened in the green led by the Japanese Nikkei which traded higher by over 600 points in early trade.
This as US$ sees weakness & yields rise to 1.49% which bodes well for Asian flows as ETF money will buy equities ex-Japan.
Volatility index or VIX also falls from a 3-month peak as markets brace for further upside after the recent bout of profit booking.