BENGALURU: Indian shares are set to open lower on Monday, tracking Asian peers, as investor sentiment was subdued after Iran’s retaliatory attack on Israel over the weekend spurred fears of a wider regional conflict.
India’s GIFT Nifty was trading at 22,470.50 as of 8:04 a.m. IST, indicating that the Nifty 50 will open below its Friday’s close of 22,519.40.
Asian markets opened lower on Monday, with the MSCI Asia ex-Japan index shedding 0.8%, as risk assets were under pressure after Iran on late Saturday launched explosive drones and missiles at Israel.
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“There is a clear possibility of further escalation and retaliatory strikes by Israel … It’s uncertain times for global stock markets,” said Manoranjan Sharma, chief economist at Infometrics Ratings.
India’s information technology stocks will likely be in focus, after the country’s top software services company, Tata Consultancy Services, reported lower-than-expected quarterly revenue on weak client spending in North America.
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