Indian shares set to open weak as US rate fears, high oil prices weigh
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Indian shares are set to open marginally lower on Monday, as rising U.S. rate concerns after strong jobs data and surge in oil prices due to military conflict in the Middle East weighed on sentiment.
India's GIFT Nifty was trading down 0.62% at 19,647.50 as of 8:03 a.m. IST, indicating that the Nifty 50 will open lower from Friday's close of 19,653.50.
Wall Street equities closed lower on Friday after a strong U.S. jobs report spurred concerns of a prolonged high interest rate regime. Asian markets opened flat. [MKTS/GLOB]
Oil prices rose after a military conflict in the Middle East where Israel attacked the Palestinian enclave of Gaza. Rise in oil prices is a negative for importers of the commodity, like India.
Weak global factors and foreign fund outflows are likely to lead to sharp intra-day gyration in Indian equities, said Shrikant Chouhan, head of research for retail at Kotak Securities.
Foreign institutional investors (FIIs) extended their selling streak for the 13th consecutive session on Friday, offloading shares worth 902.9 million rupees ($11 million) on a net basis. Domestic institutional investors (DIIs) bought 7.83 billion rupees in shares.
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