The Nifty50 is likely to consolidate around 10,800 on March 9 tracking muted trends in other Asian markets, thanks to the steep fall in crude oil prices.
On March 9, Oil prices fell the most since 1991 after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the coronavirus outbreak, said a Reuters report.
US stocks fell on Friday as fears of economic damage from the spread of the coronavirus intensified, though Wall Street’s major indeces ended well above their session lows.
Trends on SGX Nifty indicate a muted opening for the index in India. The Nifty futures were trading flat at 10,846 on the Singaporean Exchange at around 07:20 hours IST, down 292 points.