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 Indian shares are set for a muted start on Tuesday, tracking their Asian peers after China's efforts to support its property markets failed to excite investors, while fading hopes of an early U.S. rate cut also weighed on sentiment.

India's GIFT Nifty was trading at 22,139 as of 7:48 a.m. IST, indicating that the NSE Nifty 50 will open near its Monday's close of 22,122.25.

India's blue-chip index Nifty 50 has gained in each of the last five sessions, adding 2.34% over that period and hitting a new all-time high of 22,186.65 on Monday.

Asian markets fell 0.16%. China's decision to cut its benchmark reference rate for mortgages to revive its ailing property market failed to support sentiment as investors awaited bigger stimulus measures.

Last week's hot U.S. inflation prints have also led markets to scale back expectations of early rate cuts. Wall Street equities were closed overnight for a holiday. [MKTS/GLOB]

Domestic institutional investors were net buyers for the sixth session in a row on Monday, adding shares worth 4.53 billion rupees ($54.6 million), on a net basis. Foreign institutional investors sold a net 7.55 billion rupees of shares.

STOCKS TO WATCH:

** Whirlpool of India: Whirlpool is set to sell a 24% stake in its Indian unit this week for up to $451 million via block deals, Reuters reported.

** Kotak Mahindra Bank: The private lender named KVS Manian as joint managing director and Shanti Ekambaram as deputy managing director.

** Godrej Consumer Products: The company agreed to divest its entire stake in Godrej East Africa Holdings for $3.5 million.

** Sula Vineyards: Morgan Stanley Asia Singapore bought 865,500 shares at 575 rupees each on average. Mousserena sold a 3.4% stake and Verlinvest Asia exited the wine producer. ($1 = 83.0170 Indian rupees)