Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 290 points at the opening bell.

Overseas, Asian markets were trading lower on Thursday amid concerns various policy moves by governments and central banks will not be enough to stop the coronavirus pandemic causing a severe recession.

The European Central Bank (ECB) said it is launching a new, expanded program to buy financial assets in a bid to calm markets as monetary authorities struggle to counter the devastation the virus outbreak is wreaking on the global economy.

The ECB will buy 750 billion euro ($820 billion) in bonds through 2020, with Greek debt and non-financial commercial paper eligible under the programme for the first time.

In US, stocks finished sharply lower on Wednesday, but off session lows after Congress passed the first of two planned bills providing some relief from the economic damage the coronavirus pandemic is inflicting on businesses and consumers.

Back home, the market crashed on Wednesday amid concerns over rising coronavirus cases and tough stance by the Supreme Court on the adjusted gross revenue (AGR) dues of telecom operators. Sentiment further deteriorated after S&P lowered India's growth forecast to 5.2% in 2020 amid coronavirus fears. The barometer index, S&P BSE Sensex dropped 1,709.58 points or 5.59% at 28,869.51. The Nifty 50 index fell 498.25 points or 5.56% at 8,468.80.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 5085.35 crore yesterday, 18 March 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 3636.44 crore, yesterday, 18 March 2020, as per provisional data.