Indian market ended with minor cut after spending most of the day in positive territory. News over the weekend on cut in excise duty on fuel, reduction in import duty and fresh export duty on metal duty.
Metal stocks witness blood bath as most of the stocks were down around 10% as it will significantly reduce their realisation value.
VIX @ 23.40: continue to remain at elevated level, yesterday during market closing VIX was trading at 23.89. VIX above 25 could bring ugly move on downside.
US market rallied from oversold zone taking momentum from Friday. With limited domestic cues, Indian market will continue to take its cues from global market. US Fed chair Powell speech today will provide fresh cues – inflation remains key concern as Government of India may go for more duty cuts to bring down prices.