Share Market HIGHLIGHTS: Sensex tanks 954 pts, Nifty ends at 17016 as bears prowl D-Street; Reliance top drag | The Financial Express

Share Market HIGHLIGHTS: Sensex tanks 954 pts, Nifty ends at 17016 as bears prowl D-Street; Reliance top drag

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: BSE Sensex and NSE Nifty 50 ended more than 1.5 per cent down on Monday, on the back of weak global cues

Share Market HIGHLIGHTS: Sensex tanks 954 pts, Nifty ends at 17016 as bears prowl D-Street; Reliance top drag
Bank Nifty index plunged 2.35 per cent or 930 points to settle at 39,027

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic stock market indices BSE Sensex and NSE Nifty 50 ended more than 1.5 per cent down on Monday, as global growth concerns hit investor sentiment. BSE Sensex crashed 954 points or 1.6 per cent to settle at 57145, while NSE Nifty 50 index plunged 311 points or 1.8 per cent to finish trade at 17016. Stocks of HCL Tech, Infosys, Asian Paints, TCS, UltraTech Cement, Wipro among others ended in the green. On the flip side, Maruti Suzuki, Tata Steel, ITC, Bajaj Finance, Axis Bank, M&M, and Reliance Industries Ltd (RIL), among others were top BSE Sensex laggards. Sectorally, Bank Nifty index plunged 2.35 per cent or 930 points to settle at 39,027. India VIX, the volatility index, jumped 6.3 per cent to finish at 21.89 levels.

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Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates

15:35 (IST) 26 Sep 2022
BSE Sensex, Nifty end more than 1.5% down

BSE Sensex crashed 954 points or 1.6 per cent to settle at 57145, while NSE Nifty 50 index plunged 311 points or 1.8 per cent to finish trade at 17016

15:27 (IST) 26 Sep 2022
India should re-emerge as very strong capital magnet

India has been in a relatively sweet spot despite the hawkish environment but in sympathy has to increase rates to avoid capital outflow. The Reserve Bank has also sacrificed nearly 20% of the reserves in trying to defend the rupee but when the liquidity flows out of Emerging markets nothing really can stop the flow. The risk now is a currency contagion with the USD strengthening on a daily basis. For long term investors there are opportunities to be had in such environment. This is not the first or is likely to be the last crisis. If you are invested in good businesses and are following a framework for your investing, there need not be too much worry as once the dust settles, India should re-emerge as a very strong capital magnet. Staying with strength in the market remains one of our favourite ways to not predict the market yet ride the wave as and when we get it. Alok Jain, smallcase manager & Founder, Weekend Investing

15:22 (IST) 26 Sep 2022
Investors cautious on outlook for equity markets globally

It seems that Indian markets are now catching up with global markets which have been soft for a month now. The sell-off which began last Friday continues today with the mid/small cap stocks particularly taking it on the chin. With today’s fall the Nifty return CYTD 2022 has turned negative. The only sector holding out is the IT sector which is in the green due to the tailwind of a depreciating rupee which is at an all-time low of ~Rs.81.50. Investors are cautious on the outlook for equity markets globally due to the increasing assertiveness of global central banks on implementing interest rate hikes to tame rising prices. Thus central banks are likely to prioritise inflation control vis a vis economic growth thus raising the risks of a global recession. Vineet Bagri, Managing Partner- TrustPlutus Wealth

15:19 (IST) 26 Sep 2022
Engineering consultancy & construction firm WAPCOS files IPO papers with SEBI

WAPCOS has filed initial papers with the market regulator for its proposed Initial Public Offering (IPO). The public issue with a face value of Rs 10 per equity share is a complete offer-for-sale (OFS) of up to 32,500,000 equity shares by the President of India, acting through the Ministry of Jal Shakti, Government of India (the selling shareholder), according to the draft red herring prospectus.

14:57 (IST) 26 Sep 2022
RBI MPC likely to raise repo rate 50 bps to tame inflation

The Reserve Bank of India may raise repo rates by 50 basis points in the upcoming Monetary Policy Committee meeting later this week, with taming inflation in mind, which has remained above the tolerance threshold of 6% for eight months in a row. The MPC is expected to take cues from its global counterparts, including the US Federal Reserve, to raise interest rates for the fourth time in a row. The MPC will start its three-day deliberations on 28 September, Wednesday, and will announce the decision Friday (30 September). The RBI has raised the repo rate by 140 bps since May. A 50 bps increase again this week will take the policy rate to a three-year high of 5.9 per cent. RBI had raised the repo rate by 40 bps in May and 50 bps each in June and August. The present rate is 5.4 per cent.

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14:28 (IST) 26 Sep 2022
Use volatility to build positions; Bank, FMCG well-placed

“Now, the market is eyeing the RBI monetary policy, scheduled this week. We recommend investors avoid riskier bets this week as volatility is likely to continue in the near term. Further, the market is eyeing the upcoming earning season & the festival demand, which will likely drive the market fundamentals. We recommend investors to use this volatility in the coming days in a phased manner to build a position with a view of 12-18 months in quality companies where earnings visibility is very high. In this context, domestic-oriented themes like Banks, FMCG, Hospitals, Domestic Industrials, and Discretionary consumption are well placed over export plus cyclical-oriented themes.”

~Neeraj Chadawar, Head – Quantitative Equity Research, Axis Securities

14:26 (IST) 26 Sep 2022
Sharp upward movement in dollar index creates weakness in domestic market

“The Indian market performance showed resilience in the last couple of months, outperforming the global market by a superior margin based on the robust economic outlook compared to other emerging markets. After a hawkish US Fed stance, we are observing weakness in the global market on an expectation of a continuation of rate hikes in the remaining two FOMC meetings of 2022. In that context, term performance was likely to be range-bound due to a stronger dollar. The Indian currency has performed well, and it has been stable vis-a-vis other emerging market currencies, on account of higher foreign exchange reserve, robust growth outlook, and macroeconomic stability. However, the sharp upward movement in the dollar index has created a weakness in the domestic market.”

~Neeraj Chadawar, Head – Quantitative Equity Research, Axis Securities

14:26 (IST) 26 Sep 2022
Crude oil, rate hikes, liquidity key headwinds for Indian economy; US recession may weigh on domestic markets

In the near term, we expect policy tightening in the developed countries could be more than what is currently being expected and therefore it would be a negative surprise for the global financial markets as well as Indian equities. At the same time, signs of broad-based growth slowdown and the fear of recession are likely to make the policy authorities in the developed countries more circumspect about the continuation of such policies. Read full story

13:18 (IST) 26 Sep 2022
Affordable housing: Demand, entry of new developers, govt aid, urbanisation help India’s realty sector growth

Affordable houses offer more business stability in terms of price as it is directly for the end-users. Most significantly, this segment has the support of the government. The union government policy is one of the main catalysts behind the rapid demand for low-cost housing and propelling the development of the real estate industry. The government’s decision to grant infrastructure status to affordable housing well as bring it under the ambit of initiatives like the credit-linked subsidy scheme under the Pradhan Mantri Awas Yojana (PMAY) has attracted a wide array of both public and private investments into the segment. Read full story

13:15 (IST) 26 Sep 2022
PVR to invest Rs 350 cr for 100 new screens in FY23; expects Inox merger to close by Feb next yr

Film exhibition company PVR Cinemas will invest up to Rs 350 crore to open 100 new screens in FY23, a top official said on Monday. It also expects its mega-merger with Inox Leisure to close by February 2023, after which it will start to run as a combined business, PVR’s chief executive Gautam Dutta told PTI over the phone. Read full story

12:51 (IST) 26 Sep 2022
Gold Price Today, 26 Sep 2022: Gold falls to over 2-yr low on strength in US Dollar; check support, resistance

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate were trading weak in India on Monday, on the back of the strength in US Dollar. On Multi Commodity Exchange, gold October futures were trading low at Rs 49,425 per 10 gram. Silver December futures were ruling Rs 521 or 1 per cent down at Rs 55,712 per kg. Globally, yellow metal prices fell to a new 2-1/2-year low weighed down by a sturdy dollar and prospects of further interest rate hikes by the U.S. Federal Reserve to bring down inflation, according to Reuters. Read full story

12:32 (IST) 26 Sep 2022
Piramal Enterprises slips 9%, hit 52-week low

Piramal Enterprises share price slipped 9% to hit 52-week low intraday. In the past two days, the stock slipped 11 per cent after the RBI directed M&M Financial Services to immediately cease any recovery or repossession activities via an outsource till further orders.

12:29 (IST) 26 Sep 2022
Rupee depreciation adding to stock markets fall

“Indian equity markets are purely reacting on account of the weakness in the U.S. market after Federal Bank’s 75 bps rate hike. Apart from Federal Bank, Central banks in Britain, Switzerland, Sweden, and Norway also hiked interest rates. These actions made fears of recession even stronger as inflation is still on the higher side. RBI MPC is scheduled on September 28-29 and 50 bps hike in rate is expected which may further induced the fear of slowing down the reviving economy. The weakness in rupee against US dollar and depleting forex reserves are adding more fuel to this fall. Nifty may see a further dip towards 16800 levels with resistance around 17720 levels and BankNifty to 38350 levels having resistance around 38950 levels in the current scenario.”

~Ravi Singh, VP & Head of Research, Share India Securities

12:18 (IST) 26 Sep 2022
Rupee falls to fresh record low

Rupee depreciated further to hit a new record low of 81.63 against the US dollar amid risk aversion in equity markets. “Rupee falls to fresh all-time lows as the dollar strengthens across the board. Hawkish Fed outlook, political instability in China and a sell-off in pound after the tax cut announcement is also disturbing the overall market sentiment. This week, RBI will release its policy statement and this is likely to influence the rupee that is currently falling sharply against the US dollar,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

12:15 (IST) 26 Sep 2022
Markets deep in red amid weak cues

The Sensex was down 831.69 points or 1.43% at 57267.23, and the Nifty was down 280.10 points or 1.62% at 17047.20.

12:04 (IST) 26 Sep 2022
Remain cautious, given volatility in markets

“Markets continue to witness the onslaught, with bears tightening their grip as global investor sentiments have weakened, on the back of recession fears in the USA & Europe. Crude Oil, which is an indicator of economic optimism, has also collapsed with the US WTI trading below the 80 mark, its lowest in the past 8 months, clearly reflecting the recessionary fears, and the overall impact on the global economy. India’s currency, the Rupee too trades at record highs, above the 81 mark, as capital flight to safety, has resulted in the US Dollar Index, hitting 22-year highs. India’s benchmark index, the Nifty, has breached a key support zone of 17400-17500, which will now act as immediate resistance, whereas technical support is seen around the 16600-16700 zone. Investors are advised to remain cautious, given the increase in volatility in markets.”

~Aamar Deo Singh, Head Advisory, Angle One

12:00 (IST) 26 Sep 2022
Uncertainty, RBI rate hike dragging markets

Global uncertainty and fear of rate hike in RBI policy is the reason for the market sell-off. Nifty supports are at 16900 followed by 16750, while resistance is at 17200-17350. Bank Nifty support is at 38550-38200 while resistance is at 39200-39500

~Rajesh Palviya VP – Research (Head Technical and Derivative) Axis Securities

11:52 (IST) 26 Sep 2022
Nifty weakness in line with global weakness; Bank Nifty support at 38600

“Nifty is weak in line with the global weakness; however it is at a very crucial juncture where it is likely to find support. The levels of 17125 are the 50-week MA for Nifty while 16993 (rounded off to 17000) is the 200-DMA for Nifty. Further to this, the FIIs have added over 100,000 net short positions as of Friday EOD. All this points at likely support for Nifty in 16900-17000 zone. A very strong support is likely around these levels. For Bank Nifty, the index has support at 38600 in form of 50-DMA”

~Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services

11:34 (IST) 26 Sep 2022
Global headwinds pulling indices down

Benchmark indices are trading deep in the red with Nifty slipping below 17,000 briefly. “Global factors including geopolitical, currency and interest rates are creating short-term headwinds in the markets,” said Narendra Solanki, Head- Equity Research at Anand Rathi Shares & Stock Brokers

11:29 (IST) 26 Sep 2022
Rupee hits record low to 81.555 as dollar scales new two decade peak

“Rupee falls to fresh all-time lows as the dollar strengthens across the board. Hawkish Fed outlook, political instability in China and sell-off in pound after the tax cut announcement is also disturbing the overall market sentiment. This week, RBI will release its policy statement and this is likely to influence the rupee that is currently falling sharply against the US dollar.”

~ Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services

11:28 (IST) 26 Sep 2022
Nifty may hit 18300 in Oct, Bank Nifty looks positive ahead of RBI MPC, monthly F&O expiry; Buy SBI, Titan

Rupee movement will also be key monitorable, which could lead to sectoral churn as defensives are attractively priced while rate sensitives may be vulnerable to temporary profit booking after sharp rally recently. Sectorally, Consumption, Auto, BFSI remain in structural uptrend while Pharma provide favourable risk reward proposition. Read full story

11:28 (IST) 26 Sep 2022
Nifty slips below 17000

Benchmark NSE Nifty 50 slipped below 17000 for the first time since 28 July amid weak global cues. Bank Nifty fell 920 points or 2.33% to 38,630.

11:26 (IST) 26 Sep 2022
S&P Global projects India’s FY23 GDP growth at 7.3%

S&P Global Ratings on Monday projected India’s economic growth at 7.3 per cent for FY23 with downside risks. The global rating agency in its Economic Outlook for Asia Pacific 2022 report said that inflation is likely to remain above RBI’s upper tolerance threshold of 6 per cent till the end of 2022. India’s growth next year will get support from domestic demand recovery after the coronavirus pandemic, it added. “We have retained our India growth outlook at 7.3 per cent for the fiscal year 2022-2023 and 6.5 per cent for the next fiscal year, although we see the risks tilted to the downside,” the rating agency said.

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10:21 (IST) 26 Sep 2022
Campus Activewear shares tumble 4%

Campus Activewear shares fell 4% after the company board approved the merger of its wholly-owned subsidiary, Campus AI with the company.

10:08 (IST) 26 Sep 2022
Sustained rise is Gold price unlikely until US dollar reverses from top

“COMEX gold slipped below $1650/oz, lowest since April 2020 as stronger dollar and higher treasury yields dampened demand for the yellow metal. The US 10-year yield has come close to 2010 high in reaction to Fed’s aggressive monetary tightening stance. The US dollar is trading strong this morning however we need to see whether it sustains above the resistance zone of 110.50-111 for this week. Gold has moved below the crucial support of $1670 and is sustaining below the same. Although it might attract buying at lower levels. A sustained rise is unlikely until the US dollar reverses from the top.”

~ Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities

10:07 (IST) 26 Sep 2022
HUL hits 11-month high

Hindustan Unilever shares gained 2 per cent to hit over 11-month high in a weak market. In the past six months, the stock has rallied nearly 40 per cent, as against 0.34 per cent decline in the S&P BSE Sensex.

10:01 (IST) 26 Sep 2022
Nifty may fall to 17000, resistance at 17500; buy these two stocks to pocket gains

Nifty has formed a big Bearish candle on daily scale and a Bearish candle with longer upper shadow on the weekly frame which indicates pressure at higher zones. Now, till it remains below 17442 zones, weakness may be seen towards 17250 and 17000 zones whereas hurdles are placed at 17550 and 17667 zones.

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09:59 (IST) 26 Sep 2022
Petrol, Diesel Price Today, 26 Sep 2022: Fuel cost steady; check rates in Delhi, Mumbai, Noida, other cities

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 26 September 2022 (Monday), keeping costs steady for more than three months now. The petrol rate and diesel rates in Delhi are at Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in price came on 21 May 2022, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. Read full story

09:57 (IST) 26 Sep 2022
What should investors do with Harsha Engineers shares after premium listing?

Harsha Engineers Ltd. has debuted at Rs. 450 i.e. 36% above its issue price. The company’s good listing can be attributed to outstanding prospects and a phenomenal response from the investors. The company’s strong fundaments, competitive advantages like high entry barriers and switching costs, experienced management team, strategically located manufacturing facilities and robust growth outlook makes this stock a strong candidate for long-term investing. Further, the company is a proxy play on India becoming the global manufacturing hub. Those who applied for listing gains can maintain a stop loss of Rs. 400. Our recommendation for the investors is to hold the allotted shares and long-term investors can accumulate the stock on dips. Santosh Meena, Head of Research, Swastika Investmart

09:52 (IST) 26 Sep 2022
Power stocks tumble

BSE Power index fell over 3 percent dragged by the Power Grid, Adani Power, JSW Energy

09:51 (IST) 26 Sep 2022
Harsha Engineers shares list at 36% premium

Harsha Engineers shares listed on the stock exchanges today at a premium to the IPO price amid weak market momentum. Shares of the company began trading on the NSE at Rs 450 per share, up 36% from the IPO price of Rs 314-330 apiece per share and on the BSE the stock debuted at Rs 444 apiece, rising 35 per cent. At the time of listing, the company had a market capitalisation of Rs 4,042.36 crore. The company launched its Rs 755-crore initial public offering (IPO) from September 14-16 and received strong demand across investor categories. The IPO was subscribed 74.7 times. The Harsha Engineers International IPO comprised a fresh issue of Rs 455 crore and an offer for sale (OFS) of up to Rs 300 crore by shareholders and promoters. 

09:41 (IST) 26 Sep 2022
Suzlon Energy sinks over 5%; to raise Rs 1,200 crore via rights issue

The company said its board has approved raising Rs 1,200 crore via a rights issue of 240 crore shares.

09:31 (IST) 26 Sep 2022
Nifty top gainers, losers

Power Grid Corporation, Tata Motors, Hindalco Industries, M&M and Hero MotoCorp were among major lowers on the Nifty, while HUL, BPCL, Bajaj Finserv, Nestle India and Britannia Industries were the gainers.

09:30 (IST) 26 Sep 2022
Buy on dips strategy may not work now

“The global macro construct is not favourable for equity markets in the short run. The dollar index above 113 and the US 10-year yield at 3.73% is likely to aggravate FPI outflows which have been gathering momentum during the last 3 days. The probability of a global recession is also increasing since the Fed continues to be ultra hawkish. The 5% cut in MSCI World Index last week indicates the bearish undertone of global equity markets.”

“In this scenario the buy on dips strategy which worked since the June lows need not work now. Investors have to be cautious and remain vigilant. However, India will outperform both in economic growth and market performance. Therefore, selective buying can be done in domestic economy-facing segments like financials, autos, capital goods and select FMCG on sharp market declines.”

~VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

09:27 (IST) 26 Sep 2022
Nifty, Sensex open in red

Benchmark indices opened on a negative note with Nifty below 17200 on the back of weak global cues. The Sensex was down 564.77 points or 0.97% at 57534.15, and the Nifty was down 172.30 points or 0.99% at 17155. Weakness spread to broader markets as well, as Nifty MidCap 100 and Nifty SmallCap 100 indices dropped up to 2 per cent. All sectors plunged in the red with Nifty Auto, Nifty Metal, and Nifty Realty indices witnessing a selloff. Reliance Industries and ICICI Bank were the top index draggers

09:09 (IST) 26 Sep 2022
Bears grip D-Street in pre-open

Benchmark indices are trading lower in the pre-opening session amid weal global cues. The Sensex was down 760.07 points or 1.31% at 57338.85, and the Nifty was down 214.60 points or 1.24% at 17112.70.

08:56 (IST) 26 Sep 2022
Economic activity still below pre-pandemic level: ADB

With economic activity still to reach pre-pandemic levels, the RBI may slow down the pace of rate hikes until next year to quell soaring inflation while supporting growth, the Asian Development Bank (ADB) says in its latest report. The Manila-based multilateral funding agency has raised the inflation forecast for the current fiscal year ending in March 2023 to 6.7 per cent from its earlier projection of 5.8 per cent. For the next fiscal year too, the forecast has been revised upwards to 5.8 per cent from 5 per cent earlier. Inflation will remain elevated this year and the next, ADB said in an update to its flagship Asian Development Outlook (ADO) 2022 report.

08:54 (IST) 26 Sep 2022
Rupee likely to depreciate on strong dollar, bond yields; USDINR to trade with positive bias in this range

The Indian rupee is likely to depreciate on Monday amid strong dollar, bond yields, and risk aversion in equity markets. USDINR(Spot) may trade positive and quote in the range of 81.05 and 81.50. Rupee depreciated 30 paise to close at a fresh lifetime low of 81.09 against the US dollar in the previous session, while it slumped by 83 paise on Thursday, its biggest single-day loss in around seven months. Finance Minister Nirmala Sitharaman on Saturday said that rupee ‘held up very well’ against the US dollar in comparison to other currencies. “If any one currency that did not get into the fluctuation of volatility as much as other currencies, it is the Indian Rupee. We have held up very well against the US dollar,” Sitharaman said.

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08:09 (IST) 26 Sep 2022
RBI rate decision, FII flows among key factors that may guide markets

Investors will keenly watch the outcome of the RBI monetary policy on September 30. Falling crude oil prices and strong local demand may help the RBI to maintain the balance between growth and inflation. The central bank will also announce fiscal deficit data on September 30.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, as they sold shares worth Rs 4,361.77 crore last week. FII outflows have been one of the key reasons behind the recent decline in the equity market. However, experts believe that FII inflows will increase if JP Morgan includes India in its index.

08:06 (IST) 26 Sep 2022
Oil prices steady

Oil prices rose modestly in early trade on Monday after sliding to eight-month lows last week weighed down by a surging U.S. dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand. The dollar index climbed to a fresh 20-year high on Monday, capping oil price gains. Brent crude futures were up 17 cents, or 0.2%, at $86.32 a barrel at 0116 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 21 cents, or 0.3%, at $78.95 a barrel. Both contracts slumped around 5% on Friday.

08:00 (IST) 26 Sep 2022
Will bears drag Nifty to 17150 or bulls stage a comeback? 5 things to know before market opening bell

Indian equity markets are likely to extend losses on Monday as SGX Nifty was in red ahead of the session, hinting at a negative start for domestic benchmark indices NSE Nifty 50, and BSE Sensex. Global cues are expected to dominate this week, but RBI policy and September F&O expiry will lead to volatility in markets, according to analysts. “Nifty fell sharply for the second consecutive week (down 1.16%), breaking some key technical levels on the way. 17166 is the next support for the Nifty, post which a sharper fall could ensue. 17490 could be the resistance for the Nifty in the near term,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

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07:51 (IST) 26 Sep 2022
Harsha Engineers shares to list on exchanges

Harsha Engineers International is expected to list on the bourses with a healthy premium, following strong subscription figures in the maiden public offer of the precision bearing cages maker company. Analysts expect the listing premium to be in the range of 40-50 per cent. This translates into a price of Rs 460-500 against the IPO price of Rs 330 per share.

07:50 (IST) 26 Sep 2022
Asian markets in red

Shares in the Asia-Pacific fell sharply on Monday in early trade as negative sentiment continues to weigh in on markets. The Nikkei 225 in Japan dropped 2.19 per cent in early trade, and the Topix slipped 2 per cent. South Korea’s Kospi lost 2.3 per cent. In Australia, the S&P/ASX 200 declined 1.94 perc ent. MSCI’s broadest index of Asia-Pacific shares outside Japan was 1.19 per cent lower.

07:49 (IST) 26 Sep 2022
US, European stocks fall

The US and European stocks tumbled on Friday, the dollar scaled a 22-year high and bonds sold off again as fears grew that a central bank prescription of raising interest rates to tame inflation will drag major economies into recession. The Dow Industrials was poised to confirm a bear market as a deepening downturn in business activity across the Euro zone, and US business activity contracting for a third straight month in September, left Wall Street wallowing in a sea of red. The Dow Jones Industrial Average fell 2.35 per cent, making it the first major US stock index to fall below its June trough on an intraday basis. The S&P 500 lost 2.50 per cent and the Nasdaq Composite dropped 2.55 per cent.