Indian markets opened deep in the red on Monday along with their Asian peers on fears of a recession in the US.

What Happened: Benchmark index Sensex opened more than 2% down at 78,588.19, while the broader Nifty 50 was down 1.87% to 24,254.25. Out of Nifty 50, only 2 stocks were up while the rest of the 48 were in the red. Tata Motors, Hindalco, Maruti Suzuki, ONGC, JSW Steel, Tata Steel and LTI Mindtree were the main laggards down between 3% and 4% on Monday morning.

Except for Nifty FMCG, all the sectoral indices were in the red.

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Asian markets were in the red ahead of the Indian market opening. Japan’s Nikkei 225 was down 6.06% while Taiwan Capitalization Weighted Stock Index was down 7%. Japan’s market has been in weakness since the Bank of Japan raised the benchmark interest rate the previous Wednesday.

S&P Futures were down 1.5% after tech stocks such as Nvidia, and Intel faced a rout. Compounding the problem was the weaker-than-expected job report for July from the US which stroked recessionary fears. The US hiring slowed down 114,000 jobs in July, compared to the 215,000 jobs monthly average of last year.

Nifty 50 index had hit a time high of 25,000 recently.

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