“Bearish on the broader market, as elevated US bond yields and high crude prices continue to contribute significantly to weakness. A strong rebound is unrealistic as long as these crucial macro factors remain high. FIIs have been sellers, and with the US 10-year yield at 5%, they are likely to sell on every small rally. While a 25 bps Fed rate hike is discounted, Fed commentary on the macro-outlook will be market-moving.”