On Tuesday, the Nifty fifty closed marginally lower at 23,618, while broader markets outperformed. Analysts say markets are likely to remain sideways to under pressure in the near term despite Foreign Institutional Investors turning net buyers, as persistent weakness in the Indian rupee and elevated crude oil prices continue to weigh on overall market sentiment and limit broad-based upside momentum.STATE OF THE MARKETSGIFT Nifty (Earlier SGX Nifty) signals a negative startGIFT Nifty on the NSE IX traded lower by 134.5 points, or 0.57 per cent, at 23,425.50, signaling that Dalal Street was headed for a negative start on Wednesday.Tech View: Overall sentiment is likely to remain tilted in favour of the bears in the short term. The 23800 zone continues to act as a crucial resistance level, and unless the index decisively moves above it, sellers may regain control at any point. On the downside, immediate support is placed at 23400, below which selling pressure could intensify further.India VIX: India VIX, which is a measure of the fear in the markets, fell 5% to settle at 18.68 levels.US stocks end lowerWall Street's main indexes closed lower on Tuesday after the benchmark 10-year Treasury yield climbed to its highest level in more than a year on mounting inflation concerns. Elevated oil prices and anxiety over the lack of a peace agreement between the U.S. and Iran also weighed on investor sentiment.Asian shares slipAsian stocks followed Wall Street benchmarks lower as mounting inflation concerns extended a selloff in Treasuries, sending yields to multi-year highs.S&P 500 futures were little changed as of 9:04 a.m. Tokyo timeHang Seng futures fell 0.4%Japan’s Topix fell 0.4%Australia’s S&P/ASX 200 fell 0.4%Euro Stoxx 50 futures rose 0.4%Gold risesGold prices edged higher on Wednesday, as optimism over a potential peace agreement between the United States and Iran tempered concerns around inflation and interest rates staying higher for longer.Stocks in F&O ban todaySAILKaynesSecurities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.FII/DII actionForeign portfolio investors net sold shares worth Rs 2,457 crore on Tuesday. DIIs, meanwhile, were net sellers at Rs 3,802 crore.RupeeThe Indian rupee fell to a record low for a sixth consecutive day at 96.35, ending lower for eight sessions in a row on Tuesday, weighed down by mounting external pressures as the prolonged US-Iran conflict drives a sustained rise in crude oil prices and pushes US Treasury yields higher.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)