Indian shares set to open lower tracking Asian peers; Jio Financial listing eyed
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Indian shares are set to open lower on Monday, tracking a slide in Asian equities on China's smaller-than-expected rate cut, while the focus will also be on Jio Financial Services' listing on stock exchanges.
India's GIFT Nifty on the NSE International Exchange was down 0.06% at 19,304 at 8:06 a.m. IST.
India's Nifty 50 and Sensex have fallen for four consecutive weeks since hitting a record high on July 20. This is the longest weekly losing streak for the blue chips in over 15 months.
Asian markets declined on Monday after China delivered a smaller-than-expected rate cut, spurring deflation concerns and worries over the country's efforts to revive its economy.
Most Wall Street closed lower on Friday amid rising rate concerns in the U.S. following strong labour and retail sales data and minutes of the latest policy meeting released last week. [MKTS/GLOB]
Investors await further insight on the policy tightening from the U.S. Federal Reserve Chair Jerome Powell at the top central banks' annual gathering in Jackson Hole, Wyoming, on Friday.
Domestic markets also await the listing of Jio Financial Services on Monday. The company, part of Mukesh Ambani-led conglomerate Reliance Industries, was valued at around $20 billion after the stock price was set a higher-than-expected 261.85 rupees in its demerger.
Jio Financial will be removed from Nifty and Sensex after the end of the third day of listing on Aug. 24.
Foreign institutional investors sold Indian shares on a net basis on Friday, offloading 2.67 billion rupees ($32.09 million), while domestic institutional investors bought shares worth 3.39 billion rupees, according to provisional National Stock Exchange data.
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($1 = 83.1980 Indian rupees)
