Nikkei 225 was down 1.32 per cent, Hang Seng declined 0.69 per cent and Seoul Composite fell 2.38 per cent.
Well, looks like the euphoria over the US debt deal has given way to concerns about the health of the global economy. Manufacturing PMI reports from Australia to the US have shown continued moderation. Concerns have also surfaced over the adverse implications of the large spending cuts in the US on the world's largest economy. In addition, a possible downgrade of the US debt rating is still lurking.
At 10:15 AM; National Stock Exchange's Nifty was at 5461.85, down 54.95 points or 1 per cent. The broader index touched a high of 5496.30 and low of 5456.40 in trade so far.
US stocks reversed early gains to finish in the red. Across the Atlantic, European stocks suffered nasty cuts. Asian markets this morning are mostly lower. Nifty futures trading in Singapore are pointing to a weak start.
The trading for the rest of the day will hinge partly on global cues and partly on domestic factors. DLF, MMTC, Piramal Healthcare and Power Grid are among the few companies declaring their results today.
Meanwhile, the government is trying its best to convince all that there is no policy drift and that reforms are on track. The monsoon session will be a key test, as spate of crucial bills are slated for presentation.
Bombay Stock Exchange's Sensex was at 18120.06, down 194.27 points or 1.06 per cent. The 30-share index touched intraday low of 18118.30 and high of 18283.55.