Indian stocks were set to open lower on Monday, tracking weakness in global markets, as sentiment took a hit due to protests in major Chines...

Indian shares set to open lower on China COVID woes


Indian stocks were set to open lower on Monday, tracking weakness in global markets, as sentiment took a hit due to protests in major Chinese cities against the country's strict zero-COVID policy.

India's NSE stock futures listed on the Singapore exchange (SINc1) were down 0.34% at 18,598 as of 0140 GMT.

Fears about a COVID-led dent to China's economic growth also weighed on commodities, with Brent crude slipping to $83 per barrel.

Foreign institutional investors bought a net 3.69 billion rupees ($45.17 million) worth of equities on Friday, while domestic investors sold a net 2.96 billion rupees ($36.24 million) worth of shares, as per provisional NSE data.

Stocks To Watch:

** Siemens SIEMENS: Life Insurance Corporation LICI cut its stake in the company from 5.17% to 3.13%.

** DCM DCM: LIC reduced its stake in the company from 6.295% to 4.21%.

** One 97 Communications PAYTM: The Reserve Bank of India (RBI) a payment aggregator licence for the company and asked it to reapply within 120 days after meeting certain conditions.

** Larsen & Toubro Financial Holdings L_TFH: Completed divestment of its mutual fund business to HSBC Asset Management (India) and received 34.84 billion rupees. The company also realised surplus cash balance of 7.65 billion rupees in L&T Investment Management.

** VA Tech Wabag WABAG: Signed an agreement with Asian Development Bank towards raising 2 billion rupees through unlisted non-convertible debentures.

($1 = 81.6850 Indian rupees)