India’s stock benchmark opened slightly higher on Monday, even as Asian shares fell on the deepening energy crisis in Europe, adding to concerns that the global economy is already dealing with high inflation and a wave of monetary tightening.

The 30-share BSE Sensex was up 286.36 points at 59,089.69 in early trade, while the broader NSE Nifty-50 index rose 77.9 points to 17,617.35.

“Local benchmarks are likely to open Monday on a weak note, reflecting weakness in several Asian indicators, as recession fears in major global economies and the prospect of further rate hikes will keep investors cautious.”

It comes after global stock markets had their worst week since falling to bear market lows in June. The Sensex closed on a positive note in a choppy trading session on Friday, with the NSE closing lower.

Investor sentiment was weighed on Monday by Russia’s decision to shut down a major natural gas pipeline to Europe, leading some governments in the region to announce emergency measures to ease the pain of soaring energy prices.

The euro fell near a 20-year low of $0.90005, European futures fell 3% as markets priced in greater recession risks, while a broad Asian stock index fell as stocks in China, Hong Kong and Japan fell.

While EUROSTOXX 50 futures were expected to open lower, Wall Street fared better, with S&P 500 futures and Nasdaq futures up 0.3% and 0.2%, respectively, as holiday trading in US markets continued to be thin.

Japan’s Nikkei lost 0.3%, while MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.1%.

Hong Kong tech stocks fell as traders assessed the possibility of US investment restrictions.

Rising China-US hostility has also added to market uncertainty, as the Biden administration is considering measures to limit US investment in Chinese technology companies and will maintain the Trump administration’s import tariffs on goods during the review period.