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 Indian shares are set to open lower on Monday, tracking a fall in U.S. equities after economic data stoked fears of a prolonged interest rate hiking cycle in the world's largest economy.

India's NSE stock futures listed on the Singapore exchange were down 0.13% at 17,519, as of 7:58 a.m. IST.

All three major indexes on Wall Street posted their worst week in 2023 on Friday after official data showed personal consumption expenditures price index, the U.S. Federal Reserve's preferred inflation measure, accelerated in January.

The data heightened fears among investors that the Fed might have to keep rates higher for longer to tackle inflation.

Fed futures now have rates peaking around 5.42%, suggesting at least three more hikes from the current 4.5% to 4.75% band. [FEDWATCH]

Asian markets declined, with the MSCI's broadest index of Asia-Pacific shares outside Japan falling 0.59%. [MKTS/GLOB]

Foreign institutional investors (FII) offloaded a net 14.70 billion rupees ($177.33 million) worth of equities on Friday, while domestic investors purchased a net 14.01 billion rupees worth of Indian shares.

Indian equities logged their worst week in over eight months on Friday amid fears of aggressive interest rate hikes by global central banks and a fall in liquidity.

STOCKS TO WATCH ** Power Grid: Co accords multiple investment approvals worth 8.04 bln rupees.

** IRB Infrastructure: Co gets Letter of Award from National Highways Authority of India for projects worth 21.32 bln rupees.

** Tega Industries: Co expects to complete the acquisition of Mcnally Sayaji Engineering over next the two months after National Company Law Tribunal approves the resolution plan.

** Phoenix Mills: Co's unit completes acquisition of a prime land parcel in Kolkata for 4.13 bln rupees.

($1 = 82.8973 Indian rupees)