It was a mixed kind of a global picture – the S&P500 was consolidating, the NASDAQ, which was down about 1.25 percent or so, so the pressure on NASDAQ was very visible. This despite the fact that yields have fallen. So the 5-year, the 10-year, anything between 6-12 basis points (bps) across the curve is being seen.

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The markets did not react to Fed-speack because there is a bit of exhaustion there as well. There was an uninterrupted rally in yields, treasuries have been under pressure and incrementally all the focus is on inflation. Oil prices stayed where they are, Brent at about $107 per barrel, dollar index has had an interesting move. So it got to the double-bottom target of 101.04 and then retraced all the way to about 100.35, right now it is at about 100.50 – in terms of a technical setup, it is a bearish outside day which basically means that there could be downsides in the days ahead.

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

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