The Indian equity benchmarks are set to open lower as indicated by the Nifty futures traded on Singapore Exchange. Nifty futures on Singapore Exchange also known as SGX Nifty futures fell 0.3 per cent to 15,662 amid subdued cued from other Asian markets. Japan's Nikkei fell 2.3 per cent, Hang Seng declined 0.25 per cent, Taiwan Weighted slipped 1.1 per cent South Korea's KOSPI tumbled 1.7 per cent.
Asian shares stumbled to two-month lows on Friday and were set for their worst weekly performance since February as confidence took a beating over the global spread of the Delta virus variant and worries it could stall a worldwide economic recovery.
Overnight, US stock prices fell while bond prices and the euro firmed on Thursday as investors pared exposure to risk and headed for safety amid a cloudy outlook for the pace of economic recovery.
But stocks came off of their early declines even as worries about Beijing's crackdown on foreign-listed Chinese firms also took a toll on equities.
Bond prices, meanwhile, rose strongly, sending interest rates down to 1.2496 per cent on the 10-year U.S. Treasury note during the session. But bonds gave back some of the gains later.
Investors are beginning to discount the view that reflating economies will force rates significantly higher this year, and instead adjust to the idea of lower-for-longer rates for now.
The Dow Jones Industrial Average fell 259.86 points, or 0.75 per cent, to 34,421.93. The broad S&P 500 lost 37.31 points, or 0.86 per cent, to 4,320.82. The technology-focused Nasdaq Composite dropped 105.28 points, or 0.72 per cent, to 14,559.79.
Back home, foreign institutional investors (FIIs) sold shares worth Rs 555 crore on Thursday and domestic institutional investors sold shares worth Rs 949 crore.
Tata Consultancy Services will be in focus after its net profit fell 2.57 per cent, sequentially, to Rs 9,008 crore in first quarter of current financial year. Its revenue in constant currency terms advanced 18.5 per cent annually.
Texmaco Rail and Engineering will be in focus after CARE Ratings maintained its rating at A minus for long term bank facilities but downgraded its stance from stable to negative.