Indian equity benchmarks traded lower for the third
straight session and ended with losses of around two percent on Friday, led by
a fall in global equities amid expectations of strong a rate hike by the US
Federal Reserve.  After a gap-down
opening, markets continued to reel under pressure, as Foreign fund outflows
have dented investor sentiments.

The Nifty50 has formed a long bear candle on the
daily chart, suggesting more pain for the bulls ahead, according to Nagaraj
Shetti, Technical Research Analyst at HDFC Securities. One can expect the Nifty
to sink below support in the 17,450-17,500 zone soon, he said.

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Indian Indices

The Sensex fell 1093.22 points or 1.82%
to 58,840.79 while the Nifty was down by 346.55 points or 1.94% to 17,530.85 at
the close of trading on Friday. The Sensex moved in a high and low band of 59,720.56
and 58,687.17. There was 1 stock advancing against 29 stocks declining on the
index. The Nifty traded in a range of 17,820.05 and 17,497.25. There were 2
stocks advancing against 48 stocks declining on the index.

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Broader Indices

The broader indices ended in red with
the BSE mid-cap index down by 2.85% and the small-cap index down by 2.38%.
The top losing sectoral indices on the BSE were Realty down by 3.53%, IT
down by 3.37%, Basic Materials down by 3.05%, TECK down by 3.03% and Auto down
by 2.67%, while there were no gaining sectoral indices on the BSE.

India VIX Index

Nifty or India VIX, a gauge of the market’s
expectation of volatility over the near term, rose 7.77% to 19.82 on Friday.

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SGX Nifty

The trends on SGX Nifty indicate a positive opening
for the index in India with a 21.5 point gain. The Nifty futures were trading
at 17,584.5 on the Singaporean Exchange at around 6.45 hours IST.

Support and Resistance levels

The key support level for the Nifty is placed at
17,412, followed by 17,293. If the index moves up, the key resistance levels to
watch out for are 17,735 and 17,939, according to pivot charts.

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US Markets

The S&P 500 fell 28.02 points, or 0.72%, to 3,873.33.

The Dow Jones Industrial Average fell 139.40
points, or 0.45%, to 30,822.42.

The Nasdaq composite fell 103.95 points, or 0.90%,
to 11,448.40.

The Russell 2000 index of smaller companies fell 27.04
points, or 1.48%, to 1,798.19.

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Asian Markets

Asian markets ended mostly lower on Friday. The
Nikkie 225 fell 1.11%, the Hang Seng fell 0.89%, the KOSPI Composite fell 0.79%,
and the Shanghai Composite fell 2.30%.

European Markets

European markets ended mostly in red on Friday.
Germany’s DAX was down by 1.66%, France’s CAC 40 was down by 1.31% and London’s
FTSE 100 was down by 0.62%.

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Major Headlines

Adani Properties withdraws proposal
to delist Adani Power

Adani Power on Saturday said its promoter entity
Adani Properties has withdrawn a proposal to delist the company due to
non-receipt of in-principle approval of stock exchanges. Its shareholders had
approved the delisting of company’s shares on the BSE and NSE in July 2020, and
had submitted application for approval for the delisting to the exchanges in
January 2021. However, the company has not received the approval of the
exchanges, due to which it is withdrawing offer for delisting on account of delay
and commercial viability.

Adani Group is India’s second-largest
cement maker after Ambuja, ACC buyout

Gautam Adani’s conglomerate has acquired the major
cement players, Ambuja Cements and ACC. The Adani Group has now become the
second largest cement maker in the country. Switzerland’s Holcim closed the
deal with Adani Group on Friday by selling its entire stake in Ambuja Cements
at Rs 385 per share and in ACC at Rs 2,300 per share, resulting in cash
proceeds of $6.4 billion.

“This transaction strengthens Holcim’s balance
sheet and enables the company to continue its acquisition strategy, building on
recent investments of over CHF 5 billion in solutions & products,”
said the company in a statement.

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Bulk Deal data

Housing Development Finance Corporation sold 6,31,059
shares in Ansal Housing and Construction Limited at Rs 6.73 per share on the
Nse.

Achanta Satyasree sold 14,043 shares in Coastal
Corp Limited-RE at Rs 110.38 per share on the Nse.

Integrated Core Strategies (Asia) Pte Ltd sold 7,53,298
shares in Deepak Fertilizers Limited at Rs 887.69 per share on the Nse.

Reddy Veeranna sold 145,92,275 shares in Embassy
Office Parks REIT at Rs 351.06 per share on the Nse.

Mansi Shares and Stock Advisors Pvt Ltd sold 14,00,000
shares in Godha Cabcon Insulat Ltd Limited at Rs 3.40 per share on the Nse.

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DII and FII data

Foreign institutional investors (FIIs) have bought
shares worth a net Rs 3,260.05 crore, whereas domestic institutional investors
(DIIs) sold shares worth a net Rs 36.57 crore on September 16, as per
provisional data available on the NSE.

NSE F&O Ban

Indiabulls Housing Finance, India Cements, PVR and
RBL Bank have been placed under the F&O ban for September 19. 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.