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The BSE benchmark, the Sensex was trading 137.58 points or 0.53% lower at 25,757.39 points, while the NSE's Nifty was trading 48.70 points or 0.63% lower at 7,672.60 points at 9.45 am IST.
On Thursday, the US markets cracked after Argentina announced that it had defaulted on its debt. The Dow Jones closed 1.88% lower, while Nasdaq ended 2.09% lower on Friday.
Experts say Indian markets are likely to remain range-bound in near-term. "Nifty may correct further from the current level and it may touch 7600 in the near term. Key near term support is at 7700. Resistance is at 7800. However, the Nifty is likely to consolidate within a range of 7500 – 7800," Standard Chartered Securities said in its morning note.
Among sectoral indices, the BSE Realty (-1.01%), BSE Capital Goods (-0.81%) and BSE Oil & Gas (-0.72%) were the major losers. Among individual stocks, Mahindra & Mahindra Ltd (-2.62%), NTPC (-1.97%) and HDFC (-1.66%) were trading in the red.
Asian markets were seeing selling pressure. The Nikkei (-0.22%), Hang Seng (-0.52%), Kospi (-0.13%), Straits Times (-0.86%), Jakarta Composite (-0.19%) and Taiwan Taiex (-0.62%) were the major losers.