Indian markets are expected to open flat tracking the SGX Nifty and mixed Asian markets.
U.S. stocks corrected sharply wiping the gains of the previous session as the drop in crude prices and the selloff in China spooked investors globally. Economic data from the US was also negative with the IIP declining by 0.4% while retail sales dipped 0.1% in December.
European markets too ended firmly in the red led by the global concerns which resulted in broad based selling. Energy stocks corrected sharply led by the drop in crude prices while commodity stocks slumped on account of Chinese concerns.
Indian markets saw a sharp cut in the last hour of trade after trading flat earlier in the day. Global cues remained weak as crude prices resumed its slide and Chinese stocks saw a selloff on mixed lending and FDI data.
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