The Indian equity benchmark indices opened over half a percent lower on Friday following weak global cues. The Sensex opened 0.7 percent or 425 points lower at 59,039. Nifty50 index opened at 17,613 -- down 140 points or 0.8 percent.

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The broader market indices were trading lower. Among sectors, all the indices were trading in the red with financial, metal, and IT stocks under major selling pressure.

Among 50 stocks on Nifty, only three were in the green -- Power Grid, Hindalco, and BPCL. Leading the losses were Bajaj Finserv, Infosys, Tech Mahindra, Divi's Lab, and Eicher Motors.

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Globally, Asian shares and US futures fell, after US stocks took a knock overnight, hurt by lingering concerns over the Federal Reserve's tightening and weaker-than-expected economic and earnings data.

MSCI's broadest index of Asia-Pacific shares outside Japan was down nearly 1 percent, and Japan's Nikkei slid over 1.5 percent. Oil prices fell sharply and were on track for their first weekly loss this year.

The Nasdaq dropped late in the US session, to close over 1.2 percent lower. Both Dow Jones and S&P 500 slid over 1 percent. During Asia session, Nasdaq futures were down 1 percent.

The moves extended to Chinese shares with the Hong Kong benchmark losing 0.24 percent after posting its best day in six months the day before.

Crude oil dropped as OPEC+ struggled to meet its scheduled increases in production targets and the spectre of Russia invading Ukraine sent jitters through global markets. The Brent crude declined over 2.5 percent to $86.14 Friday and the US crude was flat at 83.46. Spot gold remain mostly unchanged at $1,838.41 an ounce.

(With inputs from Reuters)

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