India's benchmark indexes are poised to open sharply lower on Monday.
Credit: PTI Photo
India's benchmark indexes are poised to open sharply lower on Monday, as concerns over a global trade war and growing recession fears in the US triggered a stock market rout.
The GIFT Nifty futures were trading at 21,128.5, as of 7:21 a.m. IST, indicating that the blue-chip Nifty 50 will open 3.4 per cent lower than Friday's close of 22,904.45.
Other Asian markets slumped, with the MSCI Asia ex-Japan index losing 6.5 per cent. Japan's Nikkei 225 dropped 6.3 per cent in early trade.
Wall Street's Nasdaq confirmed it entered a bear market on Friday, as oil prices and other commodities plunged amid a massive global market decline following US President Donald Trump's announcement of sweeping tariffs on Wednesday.
"We see the recent lows around 21,800 get retested on Nifty50 given this week's price action," said Abhishek Goenka, founder chief executive officer of India Forex Asset Management.
"We remain cautious in the near term given the tariff-related uncertainty."