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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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The Swedish company reported a pretax profit of 4.78 billion crowns ($471 million) for its fiscal second quarter, up from 3.59 billion a year earlier. Analysts polled by Refinitiv had on average forecast a 3.87 billion crown profit."Sales in physical stores increased substantially while online continues to do well," Chief Executive Officer Helena Helmersson said in a statement.

"Spot gold prices for 24-carat gold in Delhi fell by Rs 176 in line with decline in COMEX gold prices," said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.

The latest round of correction in equities has spooked the investors as markets have failed to show sustainable recovery. Despite some skepticism, market experts are advising investors to strategically buy the dips and allocate funds in select sectors.

Dragged by banking and IT stocks, the 30-share pack Sensex dropped 150 points to close at 53,026.97. Its broader peer, Nifty50, shed 51.10 points to end the session at 15,799.