Share Market Today Updates: Sensex slips over 300 factors in early offers, Nifty dips under 17,450-mark on weak Asian cues

Stock Market Today, Sensex, Nifty Share Prices Updates: The benchmark fairness indices on the BSE and National Stock Exchange opened on a flat observe however slipped over 0.5 per cent within the early commerce on Monday amid weak point within the Asian market.

At 9:29 am, the S&P BSE Sensex was buying and selling 321.95 factors (0.55 per cent) decrease at 58,518.84 whereas the Nifty 50 was at 17,440.35, down 90.50 factors (0.52 per cent).

On the Sensex pack, Ultratech Cement, Asian Paints, Maruti Suzuki, Dr. Reddy’s, Titan and Nestle had been the highest laggards within the early offers whereas Infosys, Bajaj Finserv, Axis Bank, M&M, RIL and SBI had been the gainers.

Commenting on the near-term horizon, V Ok Vijayakumar, Chief Investment Strategist at Geojit Financial Services mentioned, “The near-term texture of the market has turned weak and the buy on dips strategy is unlikely to work in the present risk-off global environment. FIIs turning sellers is a short-term negative. The market is likely to take a decisive trend only after the Fed policy announcement on 21st September. The market expects the Fed to raise rates by 75bp and reiterate its hawkish stance. But since the market is going into the event with light positions and no positive expectations any positive data or comment may act as a trigger for a relief rally after the Fed announcement. Bank Nifty will continue to be the pillar of support for Nifty and near-term sentiments are negative for IT despite reasonable valuations. The situation is very fluid and therefore it would be better for investors to wait and watch till the Fed meeting is over.”

Global Market (from AP)

Asian shares fell on Monday after one other week of sizable losses on Wall Street, as traders braced for one more rate of interest hike by the US Federal Reserve. Japan’s markets had been closed for a vacation. Oil costs rose whereas US futures declined.

On Friday, a stark warning from FedEx about quickly worsening tendencies within the economic system gave traders extra to fret about. The S&P 500 fell 0.7 per cent, whereas the Nasdaq misplaced nearly 1 per cent. The Dow misplaced nearly half a per cent.

In Asia on Monday, Hong Kong’s Hang Seng misplaced 0.9 per cent to 18,586.47 whereas the Shanghai Composite index shed 0.3 per cent to three,115.87. Australia’s S&P/ASX 200 edged 0.1 per cent decrease, to six,731.80. In Seoul, the Kospi sank 1 per cent to 2,360.22.