The Indian market fell in the opening trade on Wednesday, tracking its Asian peers. Benchmarks Nifty50 and the Sensex dropped nearly 0.75% lower on Wednesday. The two indices opened at 17,073.35 and  56,983.68 respectively. Sectorally, all Nifty sectors turned red amid heavy selling pressure in the initial trade. Auto, IT and banking stocks were the worst hit. 

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"The roller coaster ride in markets is set to continue in the near-term. With the 3.95% sell-off  yesterday,  Nasdaq is now 23% down from its record highs and, therefore, can be said to be in bear market territory. But yesterday's fall has more to do with Tesla's 12% crash and therefore a bounce back  cannot be ruled out," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

He said real worry for markets now is a possible sharp global slowdown triggered by the coming aggressive monetary tightening in the US, severe Covid-related lockdowns in China and woes in the Euro Zone caused  by the Ukraine war. "The dollar index moving above 102 and the US 10-year bond yield dipping to  2.7% reflect this growth slowdown fears. In India, there are clear signs of improvement in business sentiments. Investors can use the sharp dips in markets to buy value stocks like the leading banks," the expert added.

In the preopen, the Sensex dropped by more than 350 points as three shares advanced, 26 declined and one remained neutral on the 30-share index.  

"Rebounding from critical support area, Nifty closed higher at 17,211 on Tuesday, while VIX ended at ~19-level. The Index has closed the Bearish Gap that it left on Monday, but a faster retracement of the fall remains critical for the recovery rally since spending more time below 17,500-level will weaken price action," said Viraj Vyas, Technical and Derivatives analyst at Ashika Broking.  

Near-term resistance for the Index is seen at 7,300-17,250 zone, while momentum support is seen at the psychological 17, 000-level, he added. 

Earlier, hinting at weakness in the Indian market, SGX Nifty Futures was trading lower by 180 points on the Singaporean Exchange around 8.30 am on Tuesday.  

On Tuesday, US market took a severe trashing as it slipped in the red amid weak q4 numbers and selling pressure in tech shares. Dow Jones fell over 800 points, S&P 500 dropped 121 points and Nasdaq closed lower by more than 500 points.