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Indian shares are set to open lower on Monday, tracking Asian peers, as investor sentiment was subdued after Iran's retaliatory attack on Israel over the weekend spurred fears of a wider regional conflict.

India's GIFT Nifty was trading at 22,470.50 as of 8:04 a.m. IST, indicating that the Nifty 50 will open below its Friday's close of 22,519.40.

Asian markets opened lower on Monday, with the MSCI Asia ex-Japan index shedding 0.8%, as risk assets were under pressure after Iran on late Saturday launched explosive drones and missiles at Israel.[MKTS/GLOB]

"There is a clear possibility of further escalation and retaliatory strikes by Israel ... It's uncertain times for global stock markets," said Manoranjan Sharma, chief economist at Infometrics Ratings.

India's information technology stocks will likely be in focus, after the country's top software services company, Tata Consultancy Services, reported lower-than-expected quarterly revenue on weak client spending in North America.

STOCKS TO WATCH:

** Granules India: U.S. drug regulator's probe on company's unit V facity at Anakapally resulted in zero Form 483 observations.

** ISMT: Company secured two contracts from Oil and Natural Gas Corporation, worth around 3.44 billion rupees (about $41 million).

** Rail Vikas Nigam: Company received letter of acceptance for work order worth 959.5 million rupees.

** Anand Rathi Wealth: Company reported rise in consolidated net profit in March quarter, announced dividend of 9 rupees per share and approved proposal to buy back shares worth 1.65 billion rupees.

($1 = 83.5400 Indian rupees)