Mumbai/Nagpur: Markets opened sharply lower on Monday tracking weakness in Asia and a plunge in US stocks on Friday on rising prospects that the US Federal Reserve could hike interest rates soon.
At 9:16am, the S&P BSE Sensex was down by 505 points at 28,295 and the Nifty50 slipped 157 points to 8,709.
Foreign institutional investors were net sellers in equities worth Rs 315 crore on Friday, as per provisional stock exchange data.
Asian markets eased tracking losses in US stocks on Friday and fears that the US Federal Reserve could raise interest rate earlier than expected.
Shares in Japan were down on the bac of a stronger yen. The benchmark Nikkei was down 1.5% while Shanghai Composite eased 1.7% and Hang Seng dropped 2.9% and Straits Times was down nearly 1%.
US stocks slumped on Friday with all the major indices down over 2% each on rising prospects that the US Federal Reserve may hike interest rates. The Dow Jones industrial average lost 2.1% while Nasdaq and S&P 500 ended down over 2.4% each.