After a blowout of US NFP data, the test case on US inflation has come back again and the anxiety is jolting the global risk appetite.
If the inflation figure comes in line with market expectations then bets for a monetary tightening sooner than expected will push the USDINR spot prices even higher.
The new trading range in spot has shifted to 73-74, and this may continue until the market gets new catalyst to react to.
On the upside, if we can get back above 14850, the index can scale up to 15000 and then 15200.
Indian indices extended its losses due to concerns over hike in global interest rates and bond yield due to rising commodity prices and inflationary pressure.
Tata Steel, Hindalco Industries, JSW Steel, IndusInd Bank and HUL were among the top losers on the Nifty.