(Reuters) - Indian shares are set to open higher on Monday, tracking their Asian peers after China announced new measures to support its struggling markets and as the markets weathered a slightly hawkish U.S. interest rate outlook.
India's GIFT Nifty on the NSE International Exchange was up 0.19% at 19,273.50 at 8:14 a.m.
Asian markets climbed over 1% after China said it would halve the stamp duty on stock trading in an attempt to boost the struggling market.
Meanwhile, Wall Street equities ended a volatile session higher on Friday after the U.S. Federal Reserve Chair Jerome Powell reiterated efforts to tackle inflation.
Domestically, the benchmark Nifty 50 and Sensex indexes have logged losses for five straight weeks since hitting record highs on July 20.
Analysts have termed the ongoing consolidation "healthy" and expected it to continue.
Foreign institutional investors sold shares worth 46.38 billion rupees ($561.8 million) on a net basis on Friday, while domestic institutional investors bought shares worth 14.14 billion rupees, according to stock exchange data.
Stocks to watch
** Bharat Electronics wins orders worth 32.89 billion rupees.
** Reliance Industries to hold its annual general meeting later in the day.
** Linde India receives a letter of acceptance from Steel Authority of India for installation of 1000 tonnes per day cryogenic oxygen plant.
** Paytm: Antfin Holding sold 22.7 million shares, or a 3.59% stake, at an average price of 895.20 rupees each.