MARKET VIEW
GLOBAL MARKETS
US stock indices closed sharply lower on Thursday, with each of the major averages suffering their biggest daily percentage drop in weeks.
Dow Jones fell 764.13 points, or 2.25 percent, to 33,202.22.
S&P 500 lost 99.57 points, or 2.49 percent, to 3,895.75.
Nasdaq Composite dropped 360.36 points, or 3.23 percent, to 10,810.53.
In Australia, S&P/ASX 200 fell 0.52 percent. Nikkei 225 fell 1.44 percent, leading losses in the region, while Topix lost 73 percent. Kospi in South Korea also fell 0.69 percent.
Brent crude fell 1.55% and now trading at 81.5$ per barrel.
INDIAN MARKET
Sensex plunged 879 points to 61,799, while the Nifty50 fell 245 points to 18,415, forming a long bearish candle on the daily charts and also an Evening Star kind of pattern which are indicating possibility of further weakness in coming sessions. Banknifty fell 550 points to 43498 formed a bearish candle.
All sector closed negative but the major underperformed sector were IT, Media & PSUBank.
Foreign institutional investors (FIIs) have net sold shares worth Rs 710.74 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 260.92 crore.
TODAY’S VIEW
The market is expected to open in the red as trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 49 points.
As per the pivot charts, the key support level for the Nifty is placed at 18,384, followed by 18,321 & 18,220. If the index moves up, the key resistance levels to watch out for are 18,586 followed by 18,649 and 18,750.