The Nifty saw its worst day after March 23rd, 2020 as the index fell over 800 points on a double whammy of derivative contracts expiry coupled with the Russian invasion of Ukraine.
Despite local mutual funds buying more than the foreign selling the markets fell more than anticipated as fear was the key.
Bank Nifty was the main culprit falling over 2160 points or 5.7%.
Mid-caps also saw the carnage as collateral selling saw the Nifty midcap 50 index fall over 6%.
US Market: US markets close with gains as markets see the biggest comeback in months.
Dow Jones recovers from down over 900 points to close up 92 points, while Nasdaq recovers from down 430 points to close up 430 points as volatility peaks.
Bond yields closed lower at 1.95% while oil prices also see profit booking from panic highs to close near US$94.
Asian Market: Asian markets opened in the green led by the Japanese ‘Nikkei’ which was trading higher by over 350 points in early trade.
Expect more traction in Asian stocks even as weekend blues & sharp fall this week sees caution prevail.
The undertone remains weak as geopolitical risk remains a big concern. However, most markets have priced in the worst with events now getting discounted which could see a sharp pullback rally from next week.
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