MUMBAI: Indian shares are set to start lower on Monday, tracking weak Asian peers after renewed fears of recession in the United States and sustained worries about the euro zone debt crisis prompted investors to sell riskier assets.
L&T Finance Holdings , a unit of engineering conglomerate Larsen & Toubro , will be watched after a source told Reuters the firm plans to raise at least 1 billion rupees via two-year bonds at 9.96 percent.
At 0251 GMT, the MSCI's measure of Asian markets other than Japan was down 2.35 percent, while Japan's Nikkei dropped 1.71 percent and South Korea's Kospi shed 3 percent.
The Nifty India stock futures in Singapore were down 1.61 percent, indicating a lower opening for the Indian market.
US stocks fell 2 percent on Friday after data showing zero jobs growth in August brought investors face-to-face with the prospect of another recession. The euro slipped to a three-week low against the dollar on Monday.
The main Indian stock index rose 0.9 percent on Friday, snapping five straight weeks of fall, to their highest close in more than two weeks.
STOCKS TO WATCH
Gail India after the firm said it had signed a joint venture to supply city gas distribution in Kerala.
Provogue India after the company said its board approved the absorption of its real estate business.
OnMobile Global after its board approved a buyback of shares for an amount not exceeding 250 million rupees at prevailing market prices.
Copyright Reuters, 2011
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