Across-the-board selling sinks the market to a three-week low. In the last five sessions, the Sensex has crashed 3,817.4 points, or 6.22 %, and the Nifty 1,159 points, or 6.33%, wiping out Rs 1,951,842.77 crore of investors wealth

The Bank Nifty opened negative but made a good recovery to close 760 points higher

The IMF's new First Deputy Managing Director warned of "aggressive monetary tightening" by the US Federal Reserve, which could sharply tighten global financial conditions.

With high inflation squeezing consumers and businesses, the Fed is expected to signal that it will raise its benchmark short-term interest rate in March in a dramatic reversal from the ultra-low-rate policies it imposed during the pandemic recession.

Cryptos remain a “vulnerable asset class” but bitcoin satnds to gain with the Federal Reserve planning to tighten liquidity and hike rates, says Wood

The Dow Jones Industrial Average ended down 503.53 points, or 1.43%, at 34,738.06; the S&P 500 lost 85.44 points, or 1.90%, at 4,418.64; and the Nasdaq Composite dropped 394.49 points, or 2.78%, to 13,791.15.

Worries over an increasingly hawkish Fed have helped drag the benchmark S&P 500 index down 13.3 percent so far in 2022, , its steepest four-month decline to start any year since 1939

Overall structure suggests that Nifty can continue to consolidate in the range of 17000-17400 & once the swing low of 16958 is breached then the index can tumble down towards 16600, says Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas.

In markets, there’s turbulence, then there’s whatever you call the last two days, when a 900-point Dow rally was followed 12 hours later by a 1,000-point decline.

With the benchmark S&P 500 index down 13.5 percent year-to-date, valuations stand at their lowest levels in two years, putting the index's forward price-to-earnings ratio at 17.9 times from 21.7 at the end of 2021

Price rises are at their steepest rate since the start of the 1980s, dampening economic optimism as the United States emerges from the Covid pandemic shutdown and badly denting Biden's approval ratings.

The vote on Powell comes the day after the upper house of Congress approved the nomination of Philip Jefferson of Davidson College, marking the first time the Fed board has had more than one Black governor.

BofA, however, estimates rural demand could now be close to a bottom, with a recovery likely in one or two quarters

The Fed's reverse repo window attracted a record $2.045 trillion on Monday, as financial institutions continued to flood the facility with liquidity in exchange for Treasury collateral. Monday's volume was one of a string of record highs for RRPs

Bajaj Finance, Bajaj Finserv, Kotak Mahindra Bank, IndusInd Bank and SBI Life Insurance were among the top Nifty gainers. The losers included Shree Cements, Bharti Airtel, UltraTech Cement, Cipla and Bajaj Auto

Powell said the Fed will raise rates as high as needed to restrict growth, and would keep them there "for some time" to bring down inflation that is running at more than three times the Fed's 2 percent goal

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