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Below are Views on Markets witnessed a sharp sell-off in today’s session following weak global cues By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets witnessed a sharp sell-off in today’s session following weak global cues. The rising bond yields and geopolitical tension between US-Iran spooked market sentiments. The Nifty index closed at day’s low at 14,529 levels. On the sector front, all the indices ended in red wherein Banking, Telecom and Oil & Gas were the top losers.

Markets will first react to the GDP data in early trades on Monday i.e. March 1. Going ahead, the rising bond yields continue to remain a key concern for equity markets worldwide. Although the recent Fed statements have been comforting. On the domestic front, key data like auto sales numbers and manufacturing PMI & services PMI would also be on the radar. Indications are in the favour of further decline in the index and Nifty has next support at 14,400 and 14,200 zone. We thus advise using rebound to create short positions and prefer index majors over others.

Please find below the Rupee quote by Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking Ltd.

We have seen a sharp reversal on the Indian rupee from 72.20 levels, and the corrective mode is likely to continue. U.S. bond yields have surged on worries about inflationary pressures due to unprecedented liquidity infusion in the system and a series of economic data, which is indicating that the economy is on the path to normalcy. This has in-turn led to a rebound in the dollar index and prompted a selloff in risk assets. However, these factors could potentially lead to monetary tightening in the U.S., despite Federal Reserve Chairman Jerome Powell downplaying inflationary concerns.