With yesterday's sharp global correction after the US Federal Reserve Chairman made fresh hawkish statements on the US interest rates, participants are looking to the US markets again for direction for the market.As an indication of the global reversal of sentiments against emerging markets like India and the equity class in general, foreign institutional investors again switched to the selling mode today after two days of buys.On Tuesday, FIIs got rid of another Rs 212 crore worth of equity after buying nearly Rs 1150 crore worth during the last two days.The fresh bout of negative sentiments on equity sprung after the US Federal Reserve chairman Ben Bernanke shattered market expectations that weak jobs-data from the US, indicating a possible slow-down in the economy there, might lead to a benign look at the interest rate when the Fed Committee meets at the end of this month.Overnight, Bernanke had noted that "core inflation" was more of a concern to him than any possible slow down in the economy, leading to high selling at the US markets."The Indian market is functioning more like a subsidiary of global markets, especially other emerging markets," said an FII-broker."In the long term, market prospects will depend on what kind of policy the US Fed sticks to at the end of this month. Till then, we expect markets to swing around the 10,000 mark."
