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(Reuters) - 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 were down 0.34% at 18,598 as of 0140 GMT.
Asian markets declined due to worries about the management of COVID-19 in the world's second-largest economy, after demonstrators and police clashed in Shanghai on Sunday. The MSCI Asia ex-Japan index shed 2.19%. [MKTS/GLOB]
Fears about a COVID-led dent to China's economic growth also weighed on commodities, with Brent crude slipping to $83 per barrel. [O/R]
On Friday, the benchmark S&P BSE Sensex gained 0.03% and closed at a new record of 62,293.64, while the NSE Nifty 50 index advanced 0.16% to also settle at an all-time high of 18,512.75.
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: Life Insurance Corporation cut its stake in the company from 5.17% to 3.13%.
** DCM: LIC reduced its stake in the company from 6.295% to 4.21%.
** One 97 Communications: The Reserve Bank of India (RBI) declined a payment aggregator licence for the company and asked it to reapply within 120 days after meeting certain conditions.
** Hero MotoCorp: To increase the prices of its motorcycles and scooters by 1,500 rupees ($18.36) from Dec. 1 due to costs related to inflation.
** Larsen & Toubro Financial Holdings: 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: Signed an agreement with Asian Development Bank towards raising 2 billion rupees through unlisted non-convertible debentures.