Indian Markets Set To Crash On Opening

Global cues continue to remain extremely weak with the Dow Futures once again pointing to lower openings and cuts of more than 4 per cent.

In India, the SGX Nifty suggested a drop of at least 12 per cent, following a lockdown in several Indian cities until March 31, 2020 on account of the coronavirus. The SGX Nifty was down 1,103 Points suggesting a drop of at least 12 per cent.

In fact, over the last couple of days coronavirus cases in the country have spurted forcing a lockdown in many cities, and complete close of passenger train services.

Several stocks are expected to open significantly lower, given that several companies have ordered a complete closure of their factories.

In Asia, the Japanese Nikkei was trading with marginal gains, while most of the other Asian markets saw steep cuts. The benchmark indices in both Australia and South Korea were trading with cuts of around 7-8 per cent, while the Hong Kong's Hang Sang was down morethan 5 per cent.