Indian shares are set to track Asian equities higher on Monday, as China's unwinding of pandemic restrictions raised hopes of an improved global growth outlook.
India's NSE stock futures listed on the Singapore exchange were up 0.24% at 18,870.50 as of 07:25 a.m IST. The blue-chip indexes had closed lower on Friday after eight straight sessions of gains.
More Chinese cities announced the easing of coronavirus curbs on Sunday as Beijing tries to make its zero-COVID policy more targeted after recent protests against restrictions. Limiting gains in domestic equities could be a jump in oil prices after OPEC+ held its output targets in its meeting on Sunday and easing China curbs offered hopes of a rebound in fuel demand.. The Reserve Bank of India is expected to raise interest rates by a smaller 35 basis points to 6.25%.
On Friday, Wall Street equities closed lower as investors digested a stronger-than-expected jobs report, which raised concerns about the U.S. central bank's ability to moderate rate hikes. Foreign institutional investors bought a net of 2.15 billion rupees worth of equities on Friday, while domestic investors bought 7.12 billion rupees worth of shares, as per provisional NSE data.
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