US and Asian markets fall sharply overnight, and India opens into that
The Nasdaq lost 5.52% and the Nikkei 225 lost 5.6%. Indian IT and foreign-held large caps are the pockets most tied to these moves.
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Where we stand
Overnight
The S&P 500 fell 4.36%, the Nasdaq Composite 5.52% and the Dow Jones 3.44%. A move this size usually sets the tone for foreign-held large caps, and Indian IT services tend to take their cue from US tech. A fall this broad in the US also makes foreign flows worth watching.
Asia is moving with conviction this morning: the Nikkei 225 is down 5.6% and the Kospi 4.82%. The background moves are smaller. The Hang Seng is down 0.83%, Brent crude is up 1.59% at 99.85, gold is down 0.77%, the dollar index is up 0.11% at 101.66, USD/INR is little changed at 94.47 and the US 10-year yield is 4.837%, down 6 basis points.
| Last | Change | For India today | |
|---|---|---|---|
| S&P 500 | 7,353.73 | −4.36% | matters a move this size usually sets the tone for foreign-held large caps |
| Nasdaq Composite | 24,315.00 | −5.52% | matters Indian IT services tend to take their cue from US tech |
| Dow Jones | 51,523.06 | −3.44% | matters a broad US move; watch foreign flows |
| Nikkei 225 | 57,657.01 | −5.60% | matters Asia is moving with conviction this morning |
| Kospi | 5,124.17 | −4.82% | matters Asia is moving with conviction this morning |
| Hang Seng | 24,590.47 | −0.83% | background |
| Brent crude | 99.85 | +1.59% | background |
| Gold | 4,081.80 | −0.77% | background |
| US dollar index | 101.66 | +0.11% | background |
| USD/INR | 94.47 | −0.05% | background |
| US 10-year yield | 4.837 | −6 bp | background |
Last available quotes at build time; Asian markets may still be trading.
Today's agenda
Nine companies hold meetings today: 3M India, Aster DM Quality Care, Cholamandalam Financial Holdings, Cohance Lifesciences, Elgi Equipments, Gland Pharma, Honasa Consumer, Jammu & Kashmir Bank and Jubilant Foodworks.
- 9 results board meetings: 3M India Ltd., Aster DM Quality Care Ltd., Cholamandalam Financial Holdings Ltd., Cohance Lifesciences Ltd., Elgi Equipments Ltd., Gland Pharma Ltd., Honasa Consumer Ltd., Jammu & Kashmir Bank Ltd., Jubilant Foodworks Ltd.
What would change the read
If FIIs turn net buyers in the cash market, it would mean any rally is getting funded, not just priced; if not, the money still is not following prices.
If more than half of the Nifty 500 closes higher, it would mean the move is broad, not carried by a few heavyweights; if not, gains, if any, would be narrow.
If India VIX closes lower than the day before, it would mean demand for protection is easing; if not, traders would still be paying up for protection.
- IfFIIs turn net buyers in the cash market: the rally would be getting funded, not just priced. If not: the money still is not following prices.
- Ifmore than half of the Nifty 500 closes higher: the move would be broad, not carried by a few heavyweights. If not: gains, if any, would be narrow.
- IfIndia VIX closes lower than the day before: demand for protection would be easing. If not: traders would still be paying up for protection.
Tonight's Close scores each of these.