Nifty futures were trading 48.50 points or 0.28 per cent up at 17,422 on Singaporean Exchange, suggesting a gap-up start for BSE Sensex and Nifty 50 on Tuesday. In the previous session, SP BSE Sensex was down 525 points or 0.89 per cent at 58,490 while the NSE Nifty 50 index was down 188 points or 1.07 per cent at 17,396. Asian stock markets were trading lower in the early trade on Tuesday, as mounting concerns from default of Chinese real estate giant Evergrande weighed on investors Investors are cautious ahead of Federal Reserve and ECB meeting this week, awaiting indications as to when the central bank will start withdrawing its monetary stimulus and start raising interest rates eventually. This along with worry over slower economic growth and rising Delta variant cases globally continue to keep the market nervous. Even valuations are not comfortable and hence could lead to bouts of profit booking, Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said. Global watch: Shares in Asia-Pacific were lower in Tuesday morning trade. Japanese stocks declined as they returned to trade following a Monday holiday. The Nikkei 225 dropped 1.84 per cent while the Topix index shed 1.74 per cent. Hong Kong79 per cent. Due to the fears sparked by troubles at China Evergrande, in overnight trade on Wall Street, the Dow Jones fell 1.8 per cent, SP500 was down 1.7 per cent, while Nasdaq Composite tanked 2.19 per cent. Technical take: A sharp profit booking has triggered in the market and Mondays confirmation of short term top reversal pattern is likely to drag Nifty down to 17200-17150 levels in the next few sessions. Any attempt of upside bounce from here could find strong resistance at 17625 levels. However, a move below 17150 is likely to open more broad based weakness in the near term, Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said. Paras Defence IPO opens: Paras Defence and Space Technologies Rs 170.77-crore IPO will open for subscription on 21 September, at a price band of Rs 165-175 per share of the face of Rs 10 each. It has amassed Rs 51.23 crore from five anchor investors ahead of its initial public offering (IPO). FII and DII activity: On Monday, foreign institutional investors (FIIs) bought shares worth Rs 92.54 crore, while domestic institutional investors (DIIs) sold shares worth Rs 1,626.58 crore on a net basis in the Indian equity market. FinMin to kick-start budgetary exercise from Oct 12: The finance ministry will kick-start the exercise to prepare the annual Budget for 2022-23 from October 12 amidst signs of revival of the Indian economy hit hard by the COVID-19 pandemic.