Indian markets are likely to open flat tracking global indices and SGX Nifty.

The US moved sharply lower during trading on Monday more than offsetting the strong gains posted last Friday in the worst day for the markets in over thirty years. With the selloff on the day the Dow fell to a new threeyear closing low and the Nasdaq ended the day at its worst closing levels in over a year. The Dow and the Nasdaq tumbled down by 12.9 percent and 12.3 percent to 20189 and to 6905 respectively.

UK stocks fell heavily yesterday as the number of Italian COVID19 cases surged and the U.S. expanded a travel ban to the U.K. and Ireland. The benchmark FTSE 100 dived by 6.1 percent to 5045.

On domestic front Indian shares nosedived on Monday with mounting fears of a coronavirusled economic slowdown and rising foreign fund outflows on the back of a weakening rupee weighing on markets. The benchmark BSE Sensex declined sharply by 8 percent to 31390.

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