(Reuters) - Indian shares are set to open higher on Monday on hopes of demand recovery in China, even as concerns of global recession linger.
India's NSE stock futures listed on the Singapore exchange were up 0.30% at 18,372.50, as of 7:30 a.m. IST.
Asian markets rebounded after a mixed start on hopes of demand recovery in China, with the MSCI Asia ex Japan rising 0.3%.
Reports say that China planned to increase flights to encourage the recovery of its air transport market. The decision comes after the world's second-largest economy eased several restrictions from its zero-COVID policy last week.
Wall Street shares fell on Friday on weak economic data that added to fears of recession, with Dow Jones losing 0.85%, S&P 500 shedding over 1% and the tech-heavy Nasdaq Composite sliding nearly 1%.
Capping gains in Indian markets could be oil prices, which stabilised after a sharp decline in the previous session on optimism from China's easing of COVID-19 restrictions. Brent crude hovered around $80 per barrel. [O/R]
The rise in oil prices is a negative for oil-importing countries like India, where crude constitutes the bulk of the import bill.
Foreign institutional investors sold 19.75 billion rupees ($238.80 million) worth of equities on a net basis on Friday, while domestic investors bought 15.42 billion rupees ($186.44 million) of shares, as per provisional NSE data.
Stocks To Watch:
** Sun Pharma: Co receives warning letter from U.S. FDA for Halol facility.
** Tata Motors: Bengaluru Metropolitan Transport Corp signs definitive deal with co's unit for operating 921 electric buses.
** Tech Mahindra: Co approves sale of 100% stake in Dynacommerce Holdings B.V for 6.6 mln euros.
** Dilip Buildcon: Co gets order worth 16.47 billion rupees.