Market Live Updates Today: Trends on SGX Nifty indicate a positive opening for the index in India with a 43-points gain.
End of Beginning: Premium valuations biggest risk to market rally
The BSE Sensex was down 524.96 points to close at 58,490.93, while the Nifty50 fell 188.30 points to 17,396.90 and formed a bearish candle on the daily charts.
According to pivot charts, the key support levels for the Nifty are placed at 17,298.2, followed by 17,199.5. If the index moves up, the key resistance levels to watch out for are 17,559.2 and 17,721.5.
US Markets
Wall Street fell in a broad sell-off on Monday, with the S&P 500 and Nasdaq suffering their biggest daily percentage drops since May, as fear of contagion from potential collapse of China's Evergrande drove investors out of equities in a flight for safety.
The Dow Jones Industrial Average fell 614.41 points, or 1.78%, to 33,970.47, the S&P 500 lost 75.26 points, or 1.70%, to 4,357.73 and the Nasdaq Composite dropped 330.07 points, or 2.19%, to 14,713.90.
Asian Markets
Global stock markets on Tuesday were caught in the grip of contagion fears sparked by troubles at China Evergrande as growing risks the property giant could default on its massive debt prompted investors to flee riskier assets.
Japan's Nikkei fell 2.0%, resuming trade after a market holiday on Monday while MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.2%. MSCI's ACWI shed 0.13%, a day after the gauge of the world's 50 stock markets lost 1.63%, its biggest decline in two months, and leaving it teetering at its lowest level in two months.
Foreign institutional investors (FIIs) net bought shares worth Rs 92.54 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 1,626.58 crore in the Indian equity market on September 20, as per provisional data available on the NSE.
Markets regulator Sebi on Monday penalised eight entities for fraudulent trading in shares of Videocon Industries Ltd. The entities are Acuity Merchants Pvt Ltd, Godavari Commercial services Pvt Ltd, Kaberi Goods Pvt Ltd, Invorex Vincom Pvt. Ltd, Coastal Fertilisers Ltd, Akansha Commodities Pvt Ltd, Messrs Agarwal Holdings and Superdeal Fincom Pvt Ltd.
These are facing a fine of Rs 16 lakh, payable jointly and severally, for violation of Prohibition of Fraudulent and Unfair Trade Practices norms.
The Reserve Bank of India (RBI) on September 20 announced the open market purchase of Government of India securities under the G-sec Acquisition Programme (G-SAP 2.0) and simultaneous sale of Government of India Securities.
Accordingly, the RBI will conduct the open market purchase of government securities under the G-sec Acquisition Programme (G-SAP 2.0) for an aggregate amount of Rs 15,000 crore on September 23, 2021, the central bank said in a release.
The central bank will purchase the following Government securities through a multi-security auction using the multiple price method, it said in a release.
Oil prices fell 2% on Monday as investors grew more risk averse, which hurt stock markets and boosted the U.S. dollar, making oil more expensive for holders of other currencies
Brent crude fell $1.42, or 1.9%, to settle at $73.92 a barrel after sinking to a session low of $73.52. U.S. West Texas Intermediate (WTI) declined $1.68, or 2.3%, to end at $70.29 after falling to as low as $69.86.