Indian shares are set to open lower on Monday on a strong U.S. jobs report which renewed fears that the Federal Reserve could continue with its aggressive rate hikes to tame inflation, while the ongoing uncertainty in Adani stocks remained an overhang.
Adding to the woes in domestic equities could be the ongoing selloff in Adani group stocks, which has caused ain market capitalisation after the U.S. short seller Hindenburg's report on Jan. 24.
Analysts said that the selloff in Adani stocks has created panic in Indian markets. Ratings agency Moody's warned that the tumble in Adani group stocks could hit the conglomerate's ability to raise capital. Foreign institutional investors sold 9.32 billion rupees worth of shares on a net basis on Friday, while domestic institutional investors purchased 12.65 billion rupees of stocks, official data showed.
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