Asian markets extended the sell-off on Monday following a slump in the US stock market last week. MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.8%, while Japan’s Nikkei shed another 6.4% to hit seven-month lows.
Gift Nifty was trading around 24,388 level, a discount of nearly 310 points from the Nifty futures’ Friday close, indicating a sharply negative start for the Indian stock market indices.
US stock market ended lower for a second straight session on Friday, and the Nasdaq Composite confirmed it was in correction territory, amid fears of an oncoming recession.
The Dow Jones Industrial Average declined 610.71 points, or 1.51%, to 39,737.26, while the S&P 500 slumped 100.12 points, or 1.84%, to 5,346.56. The Nasdaq Composite ended 417.98 points, or 2.43%, lower at 16,776.16.
Here's the trade set-up for today.
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