The Indian equity benchmarks are set to open sharply lower as indicated by the Nifty Futures traded on Singapore Exchange. The Nifty futures on Singapore Exchange also known as SGX Nifty futures fell 1.47 per cent to 16,269 amid weak global cues as tensions between Russia and Ukraine. Japan's Nikkei fell 2 per cent, Hong Kong's Hang Seng declined 2.2 per cent and South Korea's KOSPI declined 1.2 per cent.