The Indian stock market is set to open with deep cuts, following its Asian peers like Nikkei and Hang Seng which traded lower by over 3% each at 8 am IST.
The indices gapped down after Brent oil jumped traded up 9% Monday morning at around 129 USD a barrel on energy embargo talks from Moscow. Oil hit a high of $130.89 before paring some gains.
The SGX Nifty traded down 286 points at 15794 The Indian market has corrected from a high of 18604.45 in October last year to 16245 on Friday.
FIIs have sold well over Rs 1 lakh crore worth of shares on fears of interest rate hikes in the US and tapering of bond purchases to rein in retail prices which recently grew the most in 40 years.
More recently the market has been buffeted by conflict in Eastern Europe and a surge in oil price from $90 a barrel to $128 as of Monday.