BENGALURU (Reuters) - Indian shares are set to open lower on Monday, tracking Asian peers after weak labour market data in the U.S. spurred fears of a likely growth slowdown in the world's largest economy.
The GIFT Nifty was at 24,354 points as of 8:07 a.m. IST, suggesting the Nifty 50 will open below its Friday's close of 24,717.7.
The benchmark indexes Nifty 50 and S&P BSE Sensex snapped their longest weekly winning streak in over 14 years on Friday, dragged by information technology stocks, after weaker-than-expected U.S. economic data triggered a global selloff.
Data released post market hours on Friday showed that U.S. jobs growth slowed more than expected in July, sparking fears of economic slowdown and weighing on global equities.
Asian markets tumbled, with the MSCI Asia ex-Japan index dropping 2.5%. Wall Street closed lower on Friday. [MKTS/GLOB]
Shares of biscuits maker Britannia Industries will be in focus after it missed profit estimates, hurt by tight competition.
Jeweller and watchmaker Titan Company could also be under pressure after missing June quarter profit estimates as higher gold prices hindered demand in its mainstay jewellery segment.
Foreign institutional investors (FIIs) sold shares worth 33.10 billion rupees ($395 million) on Friday while domestic institutional investors bought Indian shares worth 29.66 billion rupees, on a net basis.
STOCKS TO WATCH
** State Bank of India: State-owned lender posts $2 billion June quarter profit on strong loan growth.
** Gland Pharma: U.S. drug regulator concluded inspection on its Hyderabad facility in three Form-483 observations.
** SJVN: India's cabinet approved investment of 57.92 billion rupees for the 669 MW hydro electric project.
($1 = 83.8350 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman)
