Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 20 points at the opening bell.

Overseas, Asian stocks were trading lower Tuesday after their US counterparts slipped overnight.

US stocks dropped Monday as investors scaled back expectations for interest-rate cuts following last week's strong June jobs report.

The key testimony from Federal Reserve Chairman Jerome Powell this week will be closely watched, as investors assessed prospects for monetary easing following some conflicting signals on the US economy. Federal Reserve Chairman Jerome Powell testifies before Congress on monetary policy and the state of the US economy on Wednesday (the House of Representatives) and Thursday (the Senate).

In Europe, the UK Conservative Party members start voting to choose Theresa May's successor. Front-runner Boris Johnson and Jeremy Hunt will appear at events through the week, including a televised debate on July 9.

Back home, heavy selloff across all sectors and weak global cues dragged the key benchmark indices sharply lower yesterday, 8 July 2019. The Sensex slumped 792.82 points or 2.01% to settle at 38,720.57, its lowest closing level since 17 May 2019. The Nifty 50 index plunged 252.55 points or 2.14% to settle at 11,558.60, its lowest closing level since 17 May 2019.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 401.99 crore yesterday, 8 July 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 321.13 crore yesterday, 8 July 2019, as per provisional data.