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Indian shares are set to open on a slightly muted note on Monday, with a focus on the global interest rate outlook after a more than 3% rally so far this month.

India's GIFT Nifty was down 0.1% at 19,794.50 as of 7:59 a.m. IST on Monday.

The NSE Nifty 50 index gained 1.58% last week, its best in two months, while the Sensex rose 1.37%.

Both the benchmarks have risen more than 3% so far in November, bolstered by expectations that the U.S. Federal Reserve will not hike rates.

Meanwhile, the small-caps and mid-caps are up over 9% and 7%, respectively, so far this month.

"Market is expected to continue its upward movement driven, by robust macro data and diminishing global concerns," SMC Global Securities said in a note.

In global markets, MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.3%, with investors awaiting minutes of the Fed's last meeting.

STOCKS TO WATCH:

** Australian bourse operator ASX Ltd entered a deal with India's Tata Consultancy Services to design and replace its trading, clearing and settlement system

** Cipla received a warning letter from the United States Food and Drug Administration for routine current Good Manufacturing Practices inspection at its Pithampur manufacturing facility

** RITES got deal for 10 diesel electric locomotives from CFM Mozambique for $37.7 million.

** Larsen And Toubro - General Tax Authority, Qatar, imposed a penalty of 1.11 billion rupees on the company.