Experts further said that retail investors should be clear on whether they are taking short-term positions based on the sentiment or investing for the long term.
1 min read Last Updated : Sep 20 2021 | 4:31 PM IST
Metals have been under pressure today on buzz over Chinese firm Evergrande facing financial trouble and speculation over default on debt payment, which has led to a selloff in most risky assets. Metals complex has been roaring since the start of the year and looked quite overheated given the change in stance from Fed over its bond purchase programme and weaker data coming out of China over the last couple of months. Some metals have doubled from lows hit in 2020 and could find it difficult to sustain such highs, given the rapidly changing macros and spread of the virus once again. The market may have found its reason for a cool off / correction and we remain cautious on most metals in the short term. Medium term picture still looks promising, but the weak hands will have to find their way out in the short run.
Views by: Navneet Damani, Head of Commodities & Currencies Research, Motilal Oswal Financial Services
4:09 PM
TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities
Index continued to show profit booking for the second consecutive session and closed a day at 17397 with loss of more than one percent forming a bearish candle on the daily chart. The index has now immediate support at 17300 followed by 17200 zone which will be trend changing level on the downside if managed to hold above-said levels one can expect a good pullback failing to hold can change the immediate trend to down, on the higher side strong hurdle is coming near 17450-17500 zone also any move around said levels will be again profit booking opportunity.
4:07 PM
MARKET QUOTE :: S Ranganathan, Head of Research at LKP Securities
Amidst heightened volatility and weak global cues the Nifty Metal Index plunged almost 7% in late afternoon trade today. As global markets corrected fearing the contagion around the Chinese Developer, risk aversion was seen across markets. Barring the FMCG pack, the market breadth was extremely weak with sectoral indices trading in the red.
4:07 PM
MARKET VIEW :: Fed not likely to hint on taper plans in upcoming meeting; here's why
Following high volatility and weak global sentiments, the domestic market ended in a bear grip with Metal and PSU Banks leading the downward rally. Global markets traded negatively as investors were cautious ahead of multiple central bank policy meetings scheduled this week. However, due to weak US job data and inflation increasing at a slower pace, Fed is not expected to hint on taper plans in the upcoming meeting.
-- Vinod Nair, Head of Research at Geojit Financial Services
4:06 PM
Market breadth in favour of buyers
>> Advance-decline ratio at 1:2
4:04 PM
Indian Hotels ends 8% higher, stock hit 52-week high in intra-day session
>> Most hotel stocks gained amid hopes of business revival following unlocking of the economy and pick-up in travel.
3:59 PM
Lupin slips 2% on receiving 7 observations from US FDA for Goa plant
>> Its Goa facility has received seven observations from the US drug regulator. The Goa plant was inspected in March 2017 and received a warning letter for the facility from the US Food and Drug Administration (USFDA).
3:57 PM
BUZZING :: ITC ends flat after hitting 52-week high in intra-day deals
3:44 PM
Sector Watch :: Defensive bets trim losses! Nifty FMCG index rises 1%
3:41 PM
Sector Watch :: Nifty PSU Bank index extends decline into second day
3:40 PM
Sector Watch :: Nifty Metal index skids nearly 7%; Tata Steel, Jindal Steel fall 10% each
3:37 PM
BSE SmallCap index slips 1.84%
3:36 PM
Broader markets underperform; BSE MidCap index falls 1.8%
3:35 PM
Sectoral trends on the NSE :: All but FMCG index end in the red
3:34 PM
Sensex Heatmap :: 24 of the 30 constituents end in the red; Tata Steel falls 10%
Tracking a rout in the global markets, the benchmark indices tumbled for the second day on Monday. Investors were spooked by a possible spillover of China's Evergrande's debt woes, fall in commodity prices and ahead of US Federal Reserve policy meet outcome.
Both the indices ended the volatile session near day's low. The BSE Sensex shed 525 points to end at 58,491 while the NSE Nifty closed the day at 17,397, down 188 points. Only six of 30 Sensex stocks ended in the green, mainly from the FMCG and financial space.
Sectorally, barring the Nifty FMCG index all indices ended in the red. Nifty Metal tumbled the most followed by the Nifty PSU Bank index, down 6.6 per cent and 4.18 per cent, respectively. Nifty Realty, Bank, Pharma also tanked nearly 2 per cent each.
The fall in broader markets was more pronouned as the BSE Midcap index plunged 1.84 per cent and the BSE Smallcap 1.8 per cent.
 "Global rout sends Sensex 525 pts lower; metal index tumbles 7%, PSU bank 4%")
