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Market Headstart: Coronavirus fears weigh on Street; Nifty may find support at 12,088

Trends on SGX Nifty indicate a negative opening for the index in India, with a 30 points, or 0.25 percent, loss

January 28, 2020 / 09:24 AM IST

Indian market is expected to trade lower on Tuesday tracking muted trend seen in other Asian markets. The Nifty50 after the gap-down opening on Monday broke below 12200, and 12149 levels and is likely to find support near 12088 levels which is the 50-days EMA.

Trends on SGX Nifty indicate a negative opening for the index in India, with a 30 points, or 0.25 percent, loss. The Nifty futures were trading around 12,085-level on the Singaporean Exchange.

Asian stocks extended a global sell-off as China took more drastic steps to combat Coronavirus, while bonds found favour on expectations central banks would need to keep stimulus flowing to offset the likely economic drag, said a Reuters report.

As the death toll reached 100 and the virus spread to more than 10 countries, including France, Japan and the United States, some health experts questioned whether China can contain the epidemic, it said.