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 Indian shares are set to open little changed on Monday after logging record closing highs on Friday, recovering from their slump on the day of election results, while Asian markets were subdued following stronger-than-expected U.S. jobs data.

The GIFT Nifty traded at 23,293.50, as of 07:44 a.m. IST, indicating that the benchmark Nifty 50 will open marginally higher than its Friday's close of 23,290.15.

Asian markets stumbled on the day, with the MSCI Asia ex-Japan index shedding 0.4%. Wall Street equities settled lower on Friday after strong U.S. monthly jobs data fanned worries of delayed rate cuts by the Federal Reserve.

Futures now show roughly 36 basis points (bps) worth of cuts priced in for the Fed, down from 50 bps last week.

The Nifty added 3.4% last week and hit a record high on Friday, erasing Tuesday's losses, after Prime Minister Narendra Modi's alliance won the general elections by a surprisingly slim majority.

The benchmark indexes recovered on Wednesday and Thursday as domestic buying outpaced foreign outflows.

However, foreign portfolio investors were net buyers on Friday, purchasing shares worth 43.91 billion rupees ($525.8 million), while domestic investors offloaded stocks worth 12.90 billion rupees, exchange data showed.

Stocks to watch:

IDBI Bank: Gets income tax order determining 27.02 billion rupees refund for AY 2016-17.

Kotak Mahindra Bank: RBI gives green signal to Kotak Mahindra General Insurance for 70% stake sale to Zurich Insurance.

Lupin: Company signs business transfer agreement with arm Lupin Life Sciences for trade generics business in India.

($1 = 83.5090 Indian rupees)