The 50-share Nifty index is expected to open higher on Tuesday following mixed trend seen in other Asian markets. Tracking the momentum, the index may reclaim its crucial psychological level of 7900 in trade today.
At 08:00 A.M., Nifty India stock futures in Singapore were trading 159 points lower at 7,955 indicating a gap-up opening on the domestic market. The S&P BSE Sensex plunged over 1600 points in trade on Monday to record its biggest intraday fall since June 2009. The 50-share Nifty index managed to hold onto its crucial support level of 7800. It recorded its steepest fall since October 2008.
Asian stocks looked vulnerable to another sell-off on Tuesday, with investors gripped by fears of a hard landing for the Chinese economy, added the report.
The Dow Jones industrial average closed down 588.4 points, or 3.57 per cent, at 15,871.35. The S&P 500 lost 77.68 points, or 3.94 per cent, to 1,893.21, putting it formally in correction mode. The Nasdaq Composite dropped 179.79 points, or 3.82 per cent, to 4,526.25, also in a correction.
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