Biggest fall in the US since May! Global markets are weak! Nifty will continue with the fall today?
Good Morning, Everyone, Nifty ended the day yesterday with a fall of almost 200 points from the day's high after global weakness and big profit booking by the DIIs majorly in the metal sector and PSU banks.
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Fears of Covid-19, a US debt default, and the meltdown of Chinese property giant Evergrande hammered major Wall Street indices in Monday trading, sending them decisively lower.
The two-day Federal Reserve meeting beginning Tuesday is another source of uncertainty, as the central bank could announce changes to its stimulus policies.
Traders also remain concerned about the economic impacts of Covid-19, which continues to spread across the country at high rates. Wall Street fell in a broad sell-off yesterday, with the S&P 500 and Nasdaq suffering their biggest daily percentage drops since May. 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.
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.
Trends on the SGX Nifty indicate a small gap up opening to open around 17400. However, I feel it may not be sustained with such weak global cues. However, let's watch 17300 as the next good support followed by 17250.
FII and DII data
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
Stock Specific News:
Adani Ports and Special Economic Zone | The company has got approval from the Competition Commission of India to acquire a 10.4 percent stake in Gangavaram Port, Andhra Pradesh.
HCL Technologies | The company got a digital transformation order from MKS Instruments Inc for five years.
Cadila Healthcare | The company's wholly-owned subsidiary, Zydus Healthcare, has entered into an agreement with Integrace to sell two brands -- Mifegest and Cytolog.
YES Bank | The lender has partnered with Visa to offer credit cards to its customers.
SBI Cards and Payment Services | Private equity firm The Carlyle Group is looking to sell a 3.4 percent stake in the company worth Rs 3,267 crore through the bourses on Tuesday. The sale price has been fixed at Rs 1,021 to Rs 1,072.30 a piece.
Nestle India | The company may face commodity headwinds in 2022 due to rising global coffee prices and higher milk prices in India, said Suresh Narayanan, the company's chairman, and managing director, as per reports
Pfizer | Pfizer Inc and BioNTech reportedly said trial results showed their coronavirus vaccine was safe and produced a robust immune response in children aged 5-11. They would seek regulatory approval shortly.
Coal India | The company's arm Bharat Coking Coal signed a first of its kind revenue-sharing contract of around Rs 1,880 crore with Prabha Energy for commercial extraction of a coal bed methane.
Kitex Garments | The company has signed a memorandum of understanding with the Telangana State Government for investing Rs 2,406 crore in the state.