Wall Street experienced a rough day with the worst session in over a month as investors booked profits mainly in tech stocks.
The S&P 500 fell 1.7% to six thousand seven hundred thirty-seven, the Dow dropped 797 points to forty-seven thousand four hundred fifty-seven, and the Nasdaq plunged 2.3% to twenty-two thousand eight hundred seventy.
Major losers included Nvidia (down 3.6%), Super Micro Computer (-7.4%), and Palantir Technologies (-6.5%). Disney also fell 7.7% despite beating earnings estimates.
Cisco was among the few gainers, climbing 4.6% after better-than-expected results.
Market weakness was driven by doubts over the Federal Reserve delivering another rate cut in December and concerns that AI stock valuations have become overstretched.
Indian ADRs showed mixed performance: ICICI Bank ADR gained 1.41% to thirty point ninety-seven dollars, Infosys ADR dropped 0.76% to sixteen point ninety-six dollars, HDFC Bank ADR declined 0.59%, and Reliance Industries ADR fell 0.68%.
Asian markets were mixed with Nikkei showing resilience, Hang Seng consolidating from a recent high, and Shanghai Composite cautious ahead of key economic data.
Gift Nifty indicated a positive opening for Indian markets, with Sensex and Nifty fifty having closed flat the previous day.
On the global front, Trump's administration signaled a willingness to negotiate tariffs with India, signaling potential relief for exporters.
The end of the U.S. government shutdown will release backlogged economic data, impacting market sentiment.
Domestic highlights include Bihar assembly election results announcement, RBI’s expected rate cut supported by low inflation, and continuing foreign institutional investor outflows although domestic inflows remain strong.
Nifty immediate resistance is near twenty-six thousand with support between twenty-five thousand eight hundred and twenty-five thousand seven hundred.
Bank Nifty resistance sits at fifty-nine thousand with support around fifty-seven thousand two hundred to fifty-seven thousand three hundred.
Commodities: crude oil steady around sixty to sixty-one dollars per barrel, gold near four thousand two hundred dollars an ounce, and silver around fifty-three dollars an ounce supported by safe-haven demand.
The market theme for today advises investors to be selective, avoid chasing broad momentum in volatile tech, and favor buying on dips while being mindful of event risks like election results.