Global markets saw a huge sell-off as the Dow Jones plunged 1,175 points, with Asian markets seeing sharp falls.
The S&P 500 dropped 4.1 per cent, its biggest loss since 2011. The NASDAQ Composite too decline 3.8 per cent and closed at 6,967 points.
In Asia most indices declined with the Japanese Nikkei down 2.5 per cent, while the Topix was down 2.11 per cent and Kospi down 1.5 per cent.
The SGX Nifty was suggesting a cut in the Nifty of 250 points, which could take losses so far since the Budget to a near 6 per cent. It would be interesting to see whether it stays that way for most part of trade.