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Market Review

US:

The Dow Jones Industrial Average fell and extended its losses from the prior week. The Nasdaq also traded lower and led the markets on the downside. The Nasdaq composite lost 2.2%. The Dow Jones lost 1.8%, while the S&P 500 fell 1.7%. The Russell 2000 index closed 2.3% lower.

Asia:

Asian stocks were down on Monday morning. Investors in the region continued to sell off shares as concerns about China Evergrande Group's debt situation continues.

India:

BSE Sensex closed the day 525 points lower at 58,491. During the day. Only six of the 30 Sensex stocks ended in the green, with HUL gaining the most at 3%. The Nifty50 index, meanwhile, fell 1.1% to end below the 17,400-mark at 17,396. The broader markets too languished in trade today, ending the day with deep cuts. The BSE MidCap and the SmallCap fell 1.8%, thus underperforming benchmark Sensex. The volatility remained high. India VIX surged by 14.83 per cent to 17.49 level. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

All eyes on Wednesday will be on the Fed's policy meeting, where the central bank is expected to lay the groundwork for a tapering, although the consensus is for an actual announcement to be delayed until the November or December meetings. Confidence among U.S. single-family homebuilders edged up in September, reversing a three-month decline as elevated costs for some building materials including softwood lumber eased. The National Association of Home Builders/Wells Fargo Housing Market Index rose one point to 76 last month. Builder sentiment hit an all-time high of 90 last November as the COVID-19 pandemic fueled a housing market boom, with more people forced to work from home.

Commodities:

Oil steadied after a two-day decline with Hurricane Ida still having an impact on U.S. crude output three weeks after making landfall. Gold prices were flat on Tuesday as investors adopted a riskaverse stance amid caution ahead of U.S. Federal Reserve's policy meeting where the central bank is expected to provide cues on when it will begin tapering its asset purchases.

Currency:

The offshore yuan wallowed near an almost onemonth low on Tuesday while the safe-haven dollar and yen stood tall as investors sought shelter from a potential China Evergrande default.

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