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Wall Street tumbled more than 2.5 percent on Friday, ensuring the three main benchmarks ended in negative territory for the week, as surprise earnings news and increased certainty around aggressive near-term interest rate rises took its toll on investors. The Dow Jones Industrial Average fell 981.36 points, or 2.82 percent, to 33,811.4, the S&P 500 lost 121.88 points, or 2.77 percent, to 4,271.78 and the Nasdaq Composite dropped 335.36 points, or 2.55 percent, to 12,839.29.
Shares in Asia-Pacific fell on Monday following a sell-off on Wall Street on Friday. Japan’s Nikkei 225′s dropped 2.08 percent in early trade on Monday, while the Topix declined 1.79 percent. In South Korea, the Kospi slid 1.25 percent and the Kosdaq was down 1.69 percent.
The Sensex tanked 714.53 points or 1.23 percent to end at 57,197.15 during Friday's close. The broader NSE Nifty slumped 220.65 points or 1.27 percent to 17,171.95.
At 8:20 am, the SGX Nifty was trading 190 points or 1.1 percent lower at 16,976, indicating a gap-down opening for the Indian markets.
Oil prices extended loss on Monday amid persistent worries that prolonged COVID-19 lockdowns in Shanghai and potential US rate hikes. Brent crude futures slid $1.90, or 1.8 percent, to $104.75 a barrel at 0015 GMT
Spot gold was down 0.35 percent at $1,927.30 an ounce at 7:41 am on Monday.
Foreign institutional investors (FII) net sold Indian shares worth ₹2,461.7 crore on Friday, according to provisional exchange data. However, domestic institutional investors (DIIs) made net purchases of ₹1,602.4 crore.
The rupee declined by 25 paise to close at 76.42 against the US currency on Friday due to forex outflows and a stronger dollar which touched its 25-month high levels on expectations of a 50-basis point rate hike by the US Federal Reserve in May.
UBS cut India's 2022-23 economic growth forecast by 70 basis points to 7 percent on Friday, citing slowing global growth due to high commodity prices, and weak local demand because of energy price hikes, inflationary pressures and a struggling labour market.