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“The longer term conclusion is this is just a relief rally or bear market rally rather than the ultimate low for the Nasdaq. In the first half of 2023, we expect a re-break of the June and September lows that we are trying at currently. There is an ongoing downtrend. The Indian IT stocks after forming pretty significant peaks in the first half of this year, would be limited to a rebound back to those breakdown areas before the downtrend resumes.”

Shares opened lower in Japan, South Korea and Australia while futures for Hong Kong fell. An index of US-listed Chinese companies slumped more than 7% to the lowest in nine years amid concerns over China’s economic outlook and a rise of Covid cases in the middle of the twice-a-decade party congress.

"Ultimately earnings drives stocks but when they are being overshadowed it is tough to have that optimism, but ultimately good earnings will lead to stocks going higher, it is a matter of how much the macroeconomic picture is going to continue to hurt those earnings."

Brent crude futures for December settlement fell 28 cents, or 0.3 per cent, to $92.13 a barrel by 0010 GMT. US West Texas Intermediate crude for November delivery (WTI), which expires on Thursday, rose 34 cents, or 0.4 per cent, to $85.89 per barrel.

Tesla is on pace for a 50 percent increase in production this year, but could fall shy of that goal when it comes to getting the cars to buyers, chief financial officer Zach Kirkhorn said on the call.

Fed funds futures have priced in a peak fed funds rate of 4.97% hitting in May 2023. The futures market has also priced in a 91% chance of a 75 bps rate rise in November, and a roughly 75% probability of another 75 bps increase in December.

Asian Paints will announce its quarterly numbers today. Helped by the increase in prices as well as continued gains in market share, the paint manufacturer is expected to log double-digit growth in sales.

The OECD presented a framework for reporting crypto assets to the G-20 finance ministers in Washington last week. The think-tank is expected to soon start the implementation process for the proposed Crypto Asset Reporting Framework (CARF).

The thermal power company promoted by Hemant Kanoria and his family entered corporate insolvency in November 2019. Resolution professional Ravi Sankar Devarakonda, backed by EY Restructuring LLP, has received resolution plans from Vedanta, Naveen Jindal-promoted Jindal Power and Prudent Asset Reconstruction Company, one of the people said. All the three offers are under ₹900 crore, with the payment staggered over 7-10 years, the same person said.

Radhakishan Damani, Cyrus Poonawalla, Shiv Nadar, Savitri Jindal, Dilip Shanghvi, the Hinduja brothers, Kumar Mangalam Birla and the Bajaj family completed the top 10.