In focus today: Three Adani Group firms pledge more shares for State Bank of India (SBI); Kotak Mahindra Bank to buy Sonata Finance for Rs 537 crore; M&M to sell entire stake in Mahindra Consulting Engineers; Barings PE may sell Coforge stake for up to Rs 2,600 crore, as per reports; and Mumbai-based ideaForge, known as the drone-makers for 3 Idiots, has files IPO papers with the Securities and Exchange Board of India (SEBI).
Concerns that the Fed's expected interest rate hikes could hammer Asia's equities markets have dragged on the regional benchmark, though moves elsewhere have been even more dramatic.
Australia's ASX 200 was up 0.35 percent, with some mining stocks coming under pressure. Shares of Oz Minerals were down 0.9 percent while South32 shed 2.22 percent. Major miners were mostly positive, though, with Fortescue up 0.35 percent.
The Nikkei 225 closed down 518.67 points, or 3.11 percent, at 16,147.38, after initially tumbling as much as 4.14 percent in early trade. On Thursday, the benchmark index shed 3.61 percent, after the Bank of Japan surprised markets by standing pat on its monetary policy.
Adding to the subdued sentiment, a survey released on Sunday showed that activity in China's manufacturing sector expanded for the second month in a row in April but only marginally, raising doubts about the sustainability of a recent pick-up in the economy.
Australia's ASX 200 was down 0.21 percent after the open, with declines in the heavily-weighted financials sub-index and the materials sub-index. In South Korea, the Kospi was down 0.37 percent.
The benchmark Nikkei 225 was down 3.24 percent, compared to a 1.41 percent gain before the decision. The Topix index fell 2.15 percent.
In Japan, the Nikkei 225 advanced 1.03 percent, while across the Korean Strait, the Kospi wavered between positive and negative territory before trading down 0.19 percent.
Japan's Nikkei was down 0.3 percent, while Australian shared edged up 0.4 percent. Other modest gainers included Malaysian and Indonesian stocks.
Australia's ASX 200 was up 1.18 percent in early trade, boosted by advances in the heavily-weighted financials subindex, up 1.07 percent. The energy and materials subindexes were also up 2.81 and 2.76 percent respectively.
Australia's ASX 200 was off 0.25 percent, weighed by a 0.48 percent decline in the heavily-weighted financials subindex. The energy subindex advanced 1.51 percent, while the materials subindex was up 0.63 percent.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5 percent while Japan's Nikkei dropped 1.4 percent to near-two-month lows, with financials coming under pressure.
Australia's ASX 200 was up 0.48 percent, while in South Korea, the Kospi was higher by 0.26 percent. Japan's benchmark Nikkei 225 wavered in early trade before trading up 0.72 percent.
Australia's ASX 200 was up 0.10 percent and South Korea's Kospi was up 0.31 percent as of 8:56 a.m. HK/SIN time. Japan's Nikkei 225 erased initial gains to slip 0.18 percent.
Evan Lucas, market strategist at IG, said in a morning note that "Oil is clearly repricing on the idea that 'no deal' will be inked, showing that OPEC is just a cartel by name and not by action."
Australia's ASX 200 was up 0.25 percent, while Japan's Nikkei 225 was up 0.23 percent and the Kospi in South Korea was up 0.05 percent.
The Japanese Nikkei 225 was off 0.82 percent, while the Topix fell 0.77 percent. Across the Korean Strait, the Kospi was higher by 0.41 percent.
MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent but clung near 3 1/2-month high hit earlier this week while Japan's Nikkei inched up 0.1 percent.
Atlanta Fed President Dennis Lockhart said the central bank might be in line for an interest rate hike as soon as April, as policymakers' decision to hold rates steady last week was more about ensuring that recent global financial volatility had settled down.
The South Korean Kospi was up 0.44 percent, while Down Under, the ASX 200 was down 0.21 percent. The Australian benchmark index was weighed down by losses in the energy subindex, down 1.32 percent, and the financials subindex, lower by 0.49 percent.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 percent in early trade, entering positive territory for the year for the first time during Asian hours.
The potential for more money to continue flowing into commodities and equities, rather being lured by higher US interest rates, boosted crude oil and emerging market stocks.
The US central bank is widely expected to stand pat on policy, but analysts will be closely watching the wording of the Federal Open Market Committee's statement for cues on the direction ahead. That uncertainty is helping to keep markets constrained.
The Japanese Nikkei 225 was up 1.31 percent in early trade, extending Friday's 0.51 percent increase, while the South Korean Kospi added 0.16 percent, after finishing up 0.11 percent on Friday.
The Japanese benchmark Nikkei 225 was lower by 1.15 percent and the Topix was off 0.94 percent. Australia's S&P/ASX 200 was lower by 0.51 percent and South Korea's Kospi was flat.