INDIA STOCKS-India's Nifty 50 set for sharp drop amid global trade war, US recession fears
By Bharath Rajeswaran
April 7 (Reuters) - 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 U.S. triggered a stock market rout.
The GIFT Nifty futures GIFc1 were trading at 21,128.5, as of 7:21 a.m. IST, indicating that the blue-chip Nifty 50 .NSEI will open 3.4% lower than Friday's close of 22,904.45.
Other Asian markets slumped, with the MSCI Asia ex-Japan index .MIAPJ0000PUS losing 6.5%. Japan's Nikkei 225 dropped 6.3% 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 U.S. 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."
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