MUMBAI: Volatility may continue in markets on Monday, while trends in SGX Nifty suggest a positive opening of Indian benchmark indices. On Friday, the BSE Sensex ended at 55,329.32, down 300.17 points or 0.54% and the Nifty was at 16,450.50, down 118.35 points or 0.71%.

Asian share markets were trying to pick up the pieces on Monday following last week’s thrashing as coronavirus concerns showed little sign of abating, while safe-haven flows benefited the dollar ahead of a key update on US monetary policy.

A raft of "flash" manufacturing surveys for August out on Monday will offer an early indication of how global growth is faring in the face of the Delta variant, with analysts expecting some slippage and especially in Asia.

Concerns over China’s economy have only intensified in recent weeks, while Beijing’s regulatory crackdown on the tech sector delivered a double blow to markets.

More than $560 billion was wiped from Hong Kong and mainland China exchanges last week as funds fretted on which sectors regulators might target next.

The impact was all too evident in MSCI’s broadest index of Asia-Pacific shares outside Japan which sank 4.8% last week to a nine-month trough. Early Monday, it had limped 0.2% higher but the gains looked fragile.

The rot spread to Japan where the Nikkei shed 3.4% last week to its lowest since January. Bargain hunting helped the index bounce 1.2?rly Monday.

Back home, the Ministry of Finance has 'summoned' Infosys MD and CEO Salil Parekh to explain to Finance Minister Nirmala Sitharaman why glitches on the Income Tax portal has not been resolved even after over two months of its launch. Taking note of the fact that since August 21, the portal 'is not available', the Infosys top executive would be asked to explain why multiple glitches continue to mar its smooth functioning.

The markets regulator has put the initial public offering (IPO) of Adani Wilmar Ltd on hold, according to the regulator’s website. The Securities and Exchange Board of India (Sebi) said the issuance of observations on the Adani Wilmar draft prospectus has been kept in abeyance.

Cement maker Nuvoco Vistas Corp. will make stock markets debut today. The The Rs5,000-crore IPO was subscribed 1.71 times during August 9-11.

The spread of the Delta variant also has the potential to upset the timing of the US Federal Reserve’s tapering plans.

Dallas Federal Reserve president Robert Kaplan, a well-known hawk, on Friday said he might reconsider the need for an early start to tapering if the virus harms the economy.That adds an extra frisson of uncertainty to Fed chair Jerome Powell’s speech at Jackson Hole this week, which has had to be moved online because of pandemic restrictions.

The dollar made large gains on commodity and emerging market currencies, and turned higher on the Chinese yuan. It has been more restrained against the Japanese yen at 109.84, which is also benefiting from safe haven flows.

Global growth jitters took a heavy toll on commodities last week, with base metals, bulk resources and oil all falling.

Gold was steadier at $1,777, following a one-day plunge earlier in August.

Oil had suffered its sharpest week of losses in more than nine months as investors anticipated weakened fuel demand worldwide due to a surge in civid-19 cases.

Early Monday, Brent had edged up 37 cents to $65.55 a barrel, while U.S. crude added 27 cents to $62.41.