US stocks began March on a mixed close as yields moved higher and fears of larger than expected rate hike resurfaced. Dow closed just above flat line, S&P closed 0.47% lower and Nasdaq fell by 0.66%.
USD index traded lower near 104.45, 10 year yields topped 4% after many weeks of consolidation and cboe vix fell near 20.58.
Crude futures rose on Wednesday after higher supply fears got offset by hopes of strong Chinese demand, WTI moved near 78, Brent traded above 84.
The much anticipated rebound from oversold zone played out on Wednesday as heavyweights like IT and Banking stocks along with Metal names gained some ground. Sensex gained near 450 points and Nifty added 146 points at close.
*The technical rebound in stocks may face some acid test in the form of global equity sentiments and rising yields in US. Weekly options expiry and oversold nature of stocks may help individual names gain some more ground even if indices consolidate. Participants may continue to look for opportunities on rotational basis to remain in trade till the sentiment turns more benign towards equity.*
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