India's equity benchmarks set to open near one-month low
The Gift Nifty futures were trading at 24,841 points as of 8:04 a.m. IST, indicating that the Nifty 50 will open near Friday's close of 24,837.
The benchmark hit its lowest level since June 20 at 24,806.35 points in the previous session.
The Nifty 50 and 30-stock Sensex have logged four consecutive weekly losses due to weak earnings, foreign outflows and uncertainty over U.S.-India trade deal.
Negotiations between India and the United States remained deadlocked over tariff cuts on agriculture and dairy products, dimming hopes of an interim deal ahead of U.S. President Donald Trump's August 1 deadline.
Meanwhile, the U.S. struck a framework trade agreement with the European Union over the weekend, averting a bigger trade war between the two allies, which account for almost a third of global trade.
The easing global trade tensions buoyed equities globally.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2%, just shy of the almost four-year high it touched last week.
Kotak Mahindra Bank will be in focus on the day after India's No. 3 lender by market capitalisation reported a drop in first-quarter profit on Saturday, as it set aside more funds for potential bad loans and saw a contraction in lending margins.
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