After 3.52% plunge on the NASDAQ in overnight trade, Indian markets opened negative. In the US, treasury yield has risen to 1-year high and this weighs on stock markets as funds see a shift to bonds. At the open, Nifty and Sensex was down by 1.9%, with Nifty at 14799 and Sensex holding above 50026.
All of the sectoral indices have been painted red with maximum weakness on the PSU Bank pack, followed by private bank, media and metal.
Railtel Corporation will make its debut today and amid weak market moemtnum on weak global cues, it may see a weak listing.
Bank of Baroda has launched its QIP for aggregating Rs. 4500 crore at a price of Rs. 81.70, with an option of upsize up to additional Rs. 2000 crore.
Also, fertilizers shares will continue to run up as the centre has decided to pare its stake in NFL and RCF.
Meanwhile, most of Asian markets are trading weak in line with weak cues. Nikkei of Japan was trading lower by over 2 percent.
If experts are to be believed in the current bull run, there is a likelihood of 3-5 percent correction at any time.