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"The clock is kind of running on how long will you remain in a low-inflation regime ... The risk is that because of the multiplicity of shocks you start to transition into a higher inflation regime and our job is to literally prevent that from happening and we will prevent that from happening," Powell said at a European Central Bank conference.

"The present range-bound movement could continue for the next 1-2 sessions and immediate supports to be watched around 15,600-15,650 levels. On the flip side, a decisive move above 15,850-15,900 levels is likely to open a sustainable upside for the market," he said.

"After the false upside breakout of 15,800-15,900 levels on Monday, Nifty50 has declined gradually in the last two sessions, which could be a positive indication for the bulls to make a comeback from the lows. Normally, such range movements from near important resistances eventually result in sharp upside bounces," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

The US Dollar index, which tracks the greenback against a basket of currencies of other major trading partners, touched 104.28 in June 2022. The movement in the Dollar Index demonstrates the strength of the US unit and is likely to have a trajectory in the coming months.

At 9:33 a.m. ET, the S&P 500 was down 9.67 points, or 0.25%, at 3,811.88, and the Nasdaq Composite was down 65.85 points, or 0.59%, at 11,115.69.

At its board meeting, the watchdog also cleared amendments to regulations governing mutual funds and portfolio managers.According to a statement, the board has approved Sebi Annual Report: 2021-22. The report will be submitted to the central government.

Nomura India prefers Mahindra & Mahindra (M&M) due to strong model cycle tailwinds. It also likes Tata Motors and Ashok Leyland. Rising electrification and content per vehicle will be the key value drivers for suppliers, the brokerage added, as it prefers Sona Comstar, Minda Industries and Sansera in the ancillary space.

“Value or growth at a reasonable price is probably what is most important today and it is not because we are not positioning ourselves for a significant jump in the markets. We are positioning ourselves to protect downside or to preserve capital. The Nifty is slightly north of 17 times PE. It is 10% odd more expensive than the usual averages. So that is the kind of theoretical downside that we could see for valuations. ”

Abhay Agarwal, smallcase manager, founder and MD, Piper Serica Advisors, said that the markets have struggled to form a bottom in the first half faced by multiple head winds."We believe that markets are trying to form a bottom now, but we will see big inflows only if at least a couple of these issues are resolved in a concrete manner," he added.

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