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In line with SGX trends and tracking weaker Asian markets, the domestic equity benchmarks Nifty50 and Sensex declined in the opening trade on Wednesday. The broader Nifty 50 opened near 17,500 and the Sensex declined by around 400 points to start near 58,7800. The two indices opened at 17,519.40 and 58,789.26 respectively.
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On Wednesday, cues from SGX Nifty and Asian markets remain negative in early trade. Earlier, the US markets too ended dip in the red on Tuesday.
There are near-term strong headwinds for risky assets, globally. Bonds are in a strong bear market. US 10-year yield at 3.34 % and dollar index above 110 are strong headwinds for capital flows to EMs like India, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services on Wednesday morning.
“FPIs are buying in the cash market but hedging through increasing short positions in the derivatives market. High volatility with downward bias is in store for the markets in the near-term,” he said.
Vijayakumar was of the view that when globally equities correct, India too will correct. But India will fall less since falling crude, decent economic growth, impressive corporate earnings and retail investor enthusiasm will support the market at lower levels, he underlined
“Domestic economy-facing segments like banks, autos, capital goods, telecom and FMCG are relatively strong sectors,” he added.
Meanwhile, Tamilnad Mercantile Bank IPO was subscribed 1.53 times at the end of Day 2 on Tuesday. The three-day IPO, which will close today, witnessed bidding made for 1.33 crore shares against IPO size of 87.12 lakh shares. Retail investors’ quota was booked 3.61 times, while non-institutional investors bought 1.27 times of their reserved portion.
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