Nifty sheds up to 0.77%; what is bothering markets today? Check out the top factors

Stock market today: Indian equities, despite positive Asian peers, declined in morning trade on Thursday, February 22. Nifty at around 10:12 am was down by 0.57 per cent or 126 points, while Sensex traded 0.53 per cent, or 383.4 points, lower.
 
Here are the likely factors that weighed on Indian equities today.

FOMC minutes

The anticipation of higher-for-longer interest rates in the US is a constant worry for global markets. In the latest FOMC minutes released for the late January meeting, the officials suggested taking a cautious stance on the interest rate until further inflationary trends are known. “The FOMC Minutes indicate a cautious stance on interest rates pending further evidence of inflation trends, noted Prashanth Tapse, Senior VP (Research), Mehta Equities.

Heavyweights decline

Barring the IT and metal space, all sectors traded in deep red, with heavyweights including Bharti Airtel, BPCL, Asian Paints, and Dr. Reddy's adding to the drag. 

Global markets

Global markets gave off mixed signals despite positive results from Nvidia, which boosted Wall Street Futures. Also, Japan's Nikkei peaked at a new record, crossing a 1989 peak.

Technicals

Technical analysis suggests caution for Nifty after a bearish engulfing candlestick pattern, with geopolitical tensions and company-specific developments adding to market dynamics, said Tapse.
 
Anand James, Chief Market Strategist, Geojit Financial Services, held that the 22,250 region proved stiff yet again, and the turn lower thereof found enough momentum to test the 22,000 vicinity, only to see bargain hunting surfacing again.
 
"While this was encouraging towards an early return to the 22,450–550 trajectory, we feel that the trend is evenly poised with several ifs and buts and hence is not as directional as was seen at the start of the week. A push above 22,131 could, however, signal strength," the expert added.