Indian shares are set to open flat on Monday as concerns over the health of the U.S. economy persist after a weaker-than-expected jobs data, while analysts expect profit-taking for local stocks that are trading near record highs.
The GIFT Nifty was at 24,842.5 points as of 8:10 a.m. IST, indicating the NSE Nifty 50 will open near its previous close of 24,852.15.
Asian markets were lower, with the MSCI Asia ex-Japan index shedding 1.4%.
Wall Street equities fell on Friday after U.S. employment increased less than expected in August. [MKTS/GLOB]
Indian benchmark indexes dropped about 1.5% last week, coming off record high levels hit on Monday, on rising fears that the U.S. has perhaps waited too long to lower rates.
"It's advisable to maintain caution and avoid aggressive trades for the time being," said Osho Krishnan, senior analyst at Angel One.
Investors await U.S. inflation data this week for cues on the size of a Federal Reserve rate cut this month.
Foreign institutional investors sold Indian shares worth 6.21 billion rupees ($73.95 million) on Friday on a net basis while domestic institutional investors bought equities worth 21.22 billion rupees, according to provisional data from the National Stock Exchange.
STOCKS TO WATCH
** Mazagon Dock wins order worth 14.86 billion rupees.
** RBM Infracon secures service order worth 34.98 billion rupees.
** SpiceJet restructures dues to Carlyle Aviation.
($1 = 83.9760 Indian rupees)