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Indian shares are set to open marginally lower on Monday amid declines in global markets and rise in oil prices due to nervousness around escalating violence in the Middle East.

India's GIFT Nifty was up 0.08% at 19,716.50 as of 8:01 a.m. IST compared to its overnight close but was below its closing level on Friday.

The Nifty 50 ended Friday's session down 0.22% at 19,751.05.

Global stocks fell while safe-haven dollar was firm on Monday, as investors nervously watched for whether escalating violence in Gaza would cause the conflict to spread beyond Israel and Hamas. [MKTS/GLOB]

Brent crude futures jumped above $90 per barrel in Asia hours. Higher oil prices are a negative for net importers of the commodity, like India.

"If the conflict gets more broad-based beyond just Israel and Hamas, there will be a significant impact on crude prices, which will have adverse ramifications for India," said Pramod Gubbi, the founder of Marcellus Investment Managers.

Investors also await quarterly results from India's top firm by market capitalisation, HDFC Bank, due on Monday.

Foreign institutional investors (FIIs) snapped a 17-day selling streak on Friday, buying Indian shares worth 3.17 billion rupees ($38.1 million). So far in October, foreign investors have offloaded equities worth 97.84 billion rupees.

Domestic investors sold shares worth 1.03 billion rupees on Friday, on a net basis.

STOCKS TO WATCH:

** Avenue Supermarts: Co reports decline in consolidated profit in September quarter.

** Mahindra & Mahindra: Co announces total production of 79,410 units in September, up 21.9% year-on-year.

** Tata Motors: Co to sell stake in unit Tata Technologies to TPG fund and an endowment trust, valuing it at $2 billion.

** Delta Corp: Co's unit receives an intimation of payment of shortfall tax from the Directorate General of GST Intelligence, Kolkata. The amount of the alleged tax shortfall is 62.37 billion rupees.