(Reuters) - Indian shares are set for a muted opening on Tuesday, mirroring regional markets after data showed China's economy slowed, while the losses could be capped by domestic oil producers after the federal government cut a windfall tax on crude oil and diesel.
India's NSE stock futures listed on the Singapore exchange were up 0.08% at 17,959.50, as of 7:46 a.m. IST.
In broader markets, the MSCI's gauge of Asia Pacific stocks outside Japan was down 0.34%.
China's economy slowed in the fourth quarter due to stringent COVID curbs, dragging down 2022 growth to one of its worst in nearly half a century and heightening concerns about global growth.
Investors will also await the Bank of Japan's decision about tightening its monetary policy. The BOJ, which kicked off its two-day policy meeting on Tuesday, has been an outlier in clinging to stimulus while most central banks globally are locked in rate-hike cycles. If BOJ changes its stance on monetary stimulus, it could put upward pressure on yields across global markets.
The U.S. markets were closed on Monday for a holiday.
Meanwhile, foreign institutional investors extended their selling streak for the seventeenth day in a row - the longest such streak in six months - offloading 7.51 billion rupees ($92.00 million) worth of equities on a net basis on Monday.
Domestic investors bought 6.86 billion rupees of shares, as per provisional NSE data.
STOCKS TO WATCH
** Oil producers and refiners stocks: India has cut its windfall tax on crude oil and exports of aviation turbine fuel (ATF) and diesel, according to a government notification dated Jan. 16.
** Siemens India: Co gets order worth 260 bln rupees from Indian railways for 1,200 locomotives of 9,000 horsepower. This is the largest single order in the history of Siemens in India.
** Angel One: Co reports 38% rise in net profit in the third quarter, also approves interim dividend of 9.60 rupees per share.
** JSW Ispat: Co's consolidated net loss widens in December quarter.