Indian equity benchmarks extended their losing run
to the fourth consecutive session and ended with heavy losses on Monday, following
a risk-off mood among investors leading to unrelenting pressure on global
stocks as worries of elevated inflation and global recession continued to rise.
Key gauges made gap-down opening and remained under selling pressure
throughout the day, amid foreign fund outflows.

Sentiments also remain dampened on report that the
Reserve Bank of India (RBI) is set to raise interest rates again this week on
September 30 with a slim majority expecting a half-point hike and some others
expecting a smaller 35 basis point rise.

Also Read | Rupee reaches record low of 81.52 against US dollar: Why is it falling?

The Nifty50 has formed a long bear candle on the
daily chart with a gap-down opening, suggesting a downtrend in the market,
according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

Though the 50-scrip index has lost almost 1,000
points from the 18,000 mark, there is no confirmation of buying emerging from
the lows, he said. He sees the possibility of a bounce from crucial support at
16,800 in the short term.

Also Read | Week ahead: RBI interest rate decision, rupee movement to weigh on Sensex, Nifty

Indian Indices

The Sensex fell 953.70 points or 1.64%
to 57,145.22 while the Nifty was down by 311.05 points or 1.80% to 17,016.30 at
the close of trading on Monday. The Sensex moved in a high and low band of 57,708.38
and 57,038.24. There were 7 stocks advancing against 23 stocks declining on the
index. The Nifty traded in a range of 17,196.40 and 16,978.30. There were 9
stocks advancing against 41 stocks declining on the index.

Also Read | Week in review: Sensex, Nifty fall as inflation fears weigh on investor sentiment

Broader Indices

The broader indices ended in red with
the BSE mid-cap index down by 2.84% and the Small cap index down by 3.33%. The lone gaining sectoral index on the BSE was IT up by 0.14%, while
Metal down by 4.50%, Realty down by 4.29%, Auto down by 3.86%, Utilities down
by 3.72%, Power down by 3.71% were the losing indices on BSE.

India VIX Index

Nifty or India VIX, a gauge of the market’s
expectation of volatility over the near term, rose 6.31% to 21.89 on Monday.

Also Read | Apple set to replace Pepsi as sponsor of next Super Bowl Halftime show

SGX Nifty

The trends on SGX Nifty indicate a positive opening
for the index in India with a 51.5 point gain. The Nifty futures were trading
at 17,072.5 on the Singaporean Exchange at around 7.15 hours IST.

Support and Resistance levels

The key support level for the Nifty is placed at
16,931, followed by 16,845. If the index moves up, the key resistance levels to
watch out for are 17,149 and 17,282, according to pivot charts.

Also Read | All metal companies of Tata Group merged into Tata Steel

US Markets

The S&P 500 fell 38.19 points, or 1.03%, to 3,655.04.

The Dow Jones Industrial Average fell 329.60
points, or 1.11%, to 29,260.81.

The Nasdaq composite fell 65.00 points, or 0.60%,
to 10,802.92.

The Russell 2000 index of smaller companies fell 23.71
points, or 1.41%, to 1,655.88.

Also Read | What is no-poaching agreement?

Asian Markets

Asian markets ended mostly lower on Monday. The
Hang Seng fell 0.44%, the KOSPI Composite fell 3.02%, the Nikkei 225 fell 2.66%
and the Shanghai Composite fell 1.20%.

European Markets

European markets ended mostly in red on Monday.
Germany’s DAX was down by 1.11%, France’s CAC 40 was down by 0.24% and London’s
FTSE was up by 0.03%.

Also Read | Bank of England hikes key interest rate despite looming recession threat

Bulk Deal data

Jain Dhruv sold 1,45,000 shares in CMI Limited at
Rs 21.15 per share on the Nse.

Nilaybhai Jagsihbhai Vora sold 10,00,000 shares in Globe
Textiles (I) Limited at Rs 5.85 per share on the Nse.

Elevation Capital V FII Holdings Limited sold 3,60,000
shares in KDDL Limited at Rs 850.00 per share on the Nse.

Aditya Kumar Halwasiya sold 9,60,000 shares in Mcleod
Russel India Limited at Rs 30.36 per share on the Nse.

Ektha Com Private Limited sold 8,00,000 shares in Silly
Monks Entertain Limited at Rs 25.01 per share on the Nse.

Also Read | How US Fed rate hike may hurt Indian economy

DII and FII data

Foreign institutional investors (FIIs) have sold
shares worth a net Rs 5,101.30 crore, whereas domestic institutional investors
(DIIs) purchased shares worth a net Rs 3,532.18 crore on September 26, as per
provisional data available on the NSE.

NSE F&O Ban

Vodafone Idea, Zee Entertainment Enterprises and
Punjab National Bank have been placed under the F&O ban for September 27.
Securities in the ban period under the F&O segment include companies in
which the security has crossed 95% of the market-wide position limit.