Indian stocks set to open lower, tracking global market sell-off
March 11 (Reuters) - Indian equities are set to open lower on Tuesday, tracking a broad sell-off across Asian markets after Wall Street tumbled overnight on fears that the U.S. economy could be careening into recession.
The decline followed U.S. President Donald Trump's refusal on Sunday to predict whether the U.S. could face a recession amid worries over his tariff policies, heightening investor concerns about global economic stability.
The GIFT Nifty futures were trading at 22,430.5 as of 07:53 a.m. IST, indicating that the blue-chip Nifty 50 (.NSEI), opens new tab will likely open below Monday's close of 22,460.3.
Asian markets slid on the day, with Japan's Nikkei 225 (.N225), opens new tab sliding 2.7% and MSCI Asia ex-Japan (.MIAPJ0000PUS), opens new tab falling 1.6%.
U.S. stocks fell sharply overnight as relentless tariff wrangling and mounting anxieties from a possible federal government shutdown stoked recession fears.
The Nasdaq Composite index (.IXIC), opens new tab fell 4%, while Tesla (TSLA.O), opens new tab plunged 15.4% in the wake of its CEO Elon Musk's Department of Government Efficiency firings and protests arising from his support of far-right political parties in Europe.
Uncertainty over U.S. tariffs has caused inflationary worries in the world's largest economy and concerns over its impact on global growth, dragging most equity markets lower year-to-date.
Nifty 50 is trading about 14.5% below the all-time high hit in September 2024, hurt by slowing earnings growth, U.S. tariff uncertainty and relentless foreign selling.
Foreign portfolio investors (FPI) sold Indian shares worth 4.85 billion rupees ($55.5 million) on Monday, taking the total outflows to about $28 billion since September-end when markets traded at their peaks.
STOCKS TO WATCH
** IndusInd Bank (INBK.NS), opens new tab says its net worth will be hit by 2.5% due to discrepancies in its derivative accounts found during an internal review. The stock fell 4% on Monday and hit a 2.5-year intraday low after the Reserve Bank of India's shorter-than-expected extension to the CEO's tenure
** NTPC (NTPC.NS), opens new tab and NTPC Green Energy (NTPG.NS), opens new tab sign, opens new tab multiple agreements worth 960 billion rupees with Chattisgarh state government for nuclear, pump hydro and renewable projects
** Syngene International (SYNN.NS), opens new tab acquires its first biologics facility in the U.S. from Emergent Manufacturing Operations Baltimore, a unit of Emergent BioSolutions (EBS.N), opens new tab, for $36.5 million
($1 = 87.3760 Indian rupees)
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