Why did the SGX Nifty correct so sharply on Friday 01 May, although there was no trading on the NSE and the BSE?

On Friday, the Nifty futures contracts which trades on the SGX in dollar denomination slumped by 6%. This came immediately after a stellar performance by the Nifty in April. The fall came on the back of sharp declines in markets such as Australia, Japan and the UK. India and most other Asian and European markets were shut on May 01 on account of Labour Day. In addition, fresh tensions between the US and China triggered risk-off bets among global investors, after the US once again threatened China with tariffs for being opaque on the Coronavirus facts and China has again threatened to retaliate. The sharp slump on SGX clearly indicates that Indian markets would open on a weak note on Monday, 04 May. Donald Trump was also exploring ways to stop a retirement fund from investing in Chinese equities. Markets are sceptical that this may be back to square one in terms of global risk.