Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and NSE Nifty were trading volatile on Monday. BSE Sensex was trading 148 points or 0.3 per cent down at 58636, NSE Nifty was down 50 points or 0.3 per cent at 17540. Bajaj Finserv, M&M, Infosys, State Bank of India, Axis Bank, IndusInd Bank, and Power Grid Corporation of India were among top index gainers. UltraTech Cement, Asian Paints, Titan Company, Tata Steel, HCL Tech, Maruti Suzuki were index laggards.

BSE Sensex was trading 148 points or 0.3 per cent down at 58636, NSE Nifty was down 50 points or 0.3 per cent at 17540

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. 

“Benchmark Indices are expected to open on a positive note as suggested by trends on SGX Nifty. US stock markets ended on the lower side on Friday as investors are reacting to the warning of impending global slowdown from FedEx. Dow Jones was down by 139 pts, whereas NASDAQ was down by 0.9% to 11448 levels. Asian markets are trading on a mixed note as investors are waiting for the outcome from various central banks which are meeting this week. The Australian market is trading 0.11% higher whereas South Korea is down by 0.4%. Goldman Sachs cut its US economic growth estimates for 2023 after recently boosting its predictions for Federal Reserve interest rate hikes. Oil prices are trading higher due to the weaker dollar and supply concerns. On the technical front, 17400 and 17700 are immediate support and resistance in Nifty 50. For Bank Nifty 40300 and 41000 are immediate support and resistance respectively.”

“The support for Nifty has shifted around 17300 levels while on the upside 17850 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 40000 levels while resistance at 41400 levels. Overall, the Nifty is looking weak on charts closing below 17500 can open the gate for 17300-17200. Sell on rising is advisable till Nifty didn’t give closing above 18000 mark.”