Benchmark indices are set to open lower in trade once again, as trade war between the US and China continues to escalate even further. The SGX Nifty was suggesting a cut of around 81 points in trade.
The Dow Jones overnight crashed by 3 per cent, while the tech heavy Nasdaq fell as much as 3.5 per cent. Indian markets have already lost close to 10 per cent from historic highs and a further round of selling cannot be ruled out.
Asian markets were trading lower, led by losses in the Japanese Nikkei, the Hong Kong's Hang Sang and the Shanghai Composite. In the last 2 days, we have not seen a single market trading higher across the globe.
In fact, Dow Futures were pointing to another downside in the market. This is not good news for investors.
Analysts believe that the next support level for the Nifty would be the 10,500 and any breach of these levels could see a further downside in the market.