In this paper a watermarking method using hybrid wavelet transform and SVD is proposed. Hybrid wavelet transform generated from two different orthogonal transforms is applied on host and SVD is applied to watermark. The transforms used for hybrid wavelet transform generation are DCT, Walsh, Haar and DKT. First component transform used in generation of hybrid wavelet transform corresponds to global properties and second component transform corresponds to local properties of an image to which transform are applied. Aim of proposed watermarking method is to study effect of selecting DCT as global/local component transform on robustness. After testing the proposed method against various attacks, using DCT as global component is observed to be robust against compression, resizing using transforms, resizing using grid based interpolation and noise addition attacks. DCT when used as local component is observed to be robust against cropping. It also shows robustness against resizing using transforms, resizing using grid based interpolation and noise addition attacks.