Oil is the big story it has popped up again, and it has added $20- $25, right from the lows, and it is now to the upper end, which was about $135 closer to the upper end as compared to the lower end which was just under $100 a barrel or so.

Also Read:

Market Setup: Is the global short squeeze done?

US Treasury yields suddenly all came down, actually not just US but global yields as well. US 10-year, 5-year; also look at the 30-year for example, it's under 2.5 percent odd and that was a big reversal. Across the board yields came-off and this signals fears of underlying growth being under pressure.

Watch the accompanying video of CNBC-TV18’s Prashant Nair for more details.

Follow our live blog for more stock market updates