Cautious start expected… Global cues are under pressure this morning. US futures are flat to slightly negative after recent volatility, while bond yields remain elevated and the Dollar Index is back above 100. The bigger concern: Brent crude has surged to ~$115 → keeping inflation fears alive → adding pressure on import-heavy economies like India Asian markets are reacting sharply: Deep cuts across Japan, Korea and Taiwan, showing clear risk-off sentiment. Gift Nifty opened ~-1.5% and is now at -0.75%, indicating a gap-down start, though some recovery is visible. On the domestic side: • USD/INR near 94.7 (very weak) • Macro pressure building from currency + crude 📌 Key trigger today: • US Fed Chair Powell’s speech This could influence rate expectations and global flows. For now, the setup remains fragile. Markets may attempt intraday recovery… but oil + currency + global sentiment will dictate direction.

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