India’s stock market benchmark opened with a rebound on Tuesday as hawkish comments from Federal Reserve Chairman Jerome Powell in Jackson Hole sparked a global sell-off. The Sensex suffered its biggest one-day drop since June 16.

Both major indexes were up 0.9% in the first few minutes of trading. The Sensex rose 515.8 points to 58,488.4, its highest level, while the Nifty50 climbed to 17,473, up 160.1 points from its previous close.

“Monday’s correction in India was relatively modest compared to Friday’s sell-off in the US market. This reflects the resilience of the Indian market,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.

“However, India’s valuation is high, Nifty’s forward earnings are about 20 times its expected earnings, and MSCI India is at a 100% premium to emerging market competitors. This requires some caution,” Vijayakumar added, warning Further corrections are likely in the near term.

Shares of other Asian markets were mostly red after overnight weakness on Wall Street. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.6% when last calculated.

S&P 500 futures edged up 0.1%, signalling a weak start to US stocks. All three of Wall Street’s main indexes were down about 1% on Monday.