The market may extend recent losses on weak Asian stocks.

Key benchmark indices tumbled on the last trading session of the week on Friday, 4 May 2012 to hit lowest closing level in more than 14 weeks weighed by news that the government is considering a review of the Double Taxation Avoidance Treaty with Mauritius to raise revenues. The BSE Sensex was down 320.11 points or 1.87% to 16,831.08, its lowest closing level since 23 January 2012.From a recent high of 17,318.81 on 30 April 2012, the Sensex has declined 487.73 points or 2.81% in three trading sessions.

Foreign institutional investors (FIIs) bought shares worth Rs 427.92 crore on Friday, 4 May 2012 as per provisional data from the stock exchanges. FIIs bought shares worth Rs 1224.82 crore in four trading sessions from 28 April 2012 to 4 May 2012.

Asian shares tumbled Monday after poor jobs data raised fresh fears about the health of the U.S. economy, and European elections over the weekend added to jitters about the euro zone's future. Key benchmark indices in China, Indonesia, Hong Kong, Singapore Taiwan, Japan and South Korea fell by between 0.39% to 2.45%.

In France, polls indicated that President Nicolas Sarkozy had lost to Socialist challenger Francois Hollande, who had indicated he wants to renegotiate Europe's fiscal compact and its tough budget rules. In Greece, exit polls indicated that the center-right New Democracy Party and the center-left Pasok party both supporters of the country's most recent bailout took a drubbing.

US stocks ended its worst week this year with a sharp sell off on Friday after a slowdown in job creation in the world's top economy raised the biggest question mark yet about the prospects for US growth. Data showed just 115,000 jobs were added to the U.S. economy last month, well below the market expectations of 163,000 job additions.