(Reuters) - 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.
Indian markets will also be focused on the central bank's monetary policy decision due Wednesday. 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 ($26.41 million) worth of equities on Friday, while domestic investors bought 7.12 billion rupees ($87.46 million) worth of shares, as per provisional NSE data.
Stocks To Watch:
** Maruti Suzuki India: Top carmaker said on Friday it expected a chip shortage to impact production in December more than in recent months, after output for November hit the lowest in six months.
** State Bank of India: Raised 100 billion rupees ($1.23 billion) through its maiden infrastructure bond issuance.
** Hindustan Aeronautics: Gets income tax refund worth 4.27 billion rupees.
** Mahindra & Mahindra Financial Services: Disbursements jumped 75% to 45 billion rupees in November.