Lower opening in store for the indices

Indian markets are staring at yet another dismal opening as cues from the global markets are gloomy. Also, the market participants would be tensed as the number of COVID-19 cases has risen over 20,000 in India, according to Worldometer. At the time of writing, SGX Nifty was down by 50 points trading at 8,913 levels.

It seems to be another stormy day for Asian markets following the sharp losses overnight on Wall Street. Japan’s Nikkei 225 has shed 1.16 per cent, Hong Kong’s Hang Seng has dropped 0.61 per cent and China’s Shanghai composite has slipped 0.16 per cent.  

Back home, the markets ended sharply lower on Tuesday, tracking weak global cues and crash in WTI crude oil price as it landed in a negative territory. At the end of the day, BSE Sensex plummeted 3.20 per cent and Nifty ended below 9,000 mark with a loss of 3.03 per cent. The broader markets have fallen in-line with the benchmark with Nifty Mid-cap and Small-cap ending down by 3.09 and 3.82 per cent, respectively. On the sectoral front, Nifty Pharma was the only gainer while all other indices, witnessed a selling pressure with Nifty Private Bank, Nifty Bank and Nifty Auto being the top losers.

On Tuesday, US stock extended their losses for the second consecutive day as wild moves in the prices of crude oil continued to spook Wall Street. Dow fell 2.7 per cent, Nasdaq nose-dived 3.5 per cent and S&P 500 tumbled 3.1 per cent. European equities ended sharply lower on Tuesday amid the historic fall in crude oil price and lingering concerns about Coronavirus pandemic.