The SGX Nifty is at 15,721.20, down 40.10 points.
The Nifty has seen its worst fall in more than 2 months as weak global notes, the strong US and foreign investor ETF selling have exacerbated the weakness.
Bank Nifty was the main culprit as HDFC, IndusInd, and Axis Bank fell 2% after seeing selling pressure.
The last few weeks have seen mid-caps pressure, and profit booking has emerged.
US Stock Market:
The Dow Jones is the worst day of 2021 as it slides over 700 points, with the Nasdaq down 1%.
Bond yields have been lower than 1.18% since January, reaching a US $ 6 a month high of 92.85. Oil prices fell more than 7% in the biggest fall of 2021.
Asian Stock Market:
As the Japanese ‘Nikkei’ traded 200 points lower, Asian markets opened weaker, while other Asian markets set prices in the US overnight for the biggest fall of 2021.
The economic outlook remains strong as macro weakness reflects fears that bond yields and oil fall will be exaggerated by 3rd wave markets.