US markets traded lower post labour day holiday as strong services activity raised fears of aggressive FED action later this month. Dow fell 0.55%, S&P lost 0.41% and Nasdaq closed 0.74% lower.
USD index surged to fresh mulitiyear highs above 110.35, 10 year also jumped sharply to trade near 3.35% and Cboe Vix closed higher near 26.90.
Crude futures retreated on worries over fresh lockdowns in China, WTI fell near 86, Brent below 93.
Indian markets traded range bound reversing course, IT names saw fresh round of selling dropping to one week lows offset by gains in heavyweights like RIL. Indices closed marginally in red after trading in and out of flat zone throughout the day.
Global equity sentiments along with sharp rally in USD index and 10 year may put some breaks on Indian markets outperformance. Participants may continue to remain watchful for further developments on each of the stated variables and may buy protection as the current rotational phase may end if the indicated variables gain further momentum. For investors, any major give backs may offer good opportunity to add weight to long term portfolio.
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(prices as on 5.39 am IST)
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By: via @AlliesFin Serve Stock Market
