INDIA STOCKS-Indian shares seen muted tracking broader Asian equities

BENGALURU, Feb 26 (Reuters) – Indian shares are set for a muted start on Monday, tracking broader Asian peers as investors await key inflation readings from the United States, Japan and Europe for clues on future interest rate moves.

India’s GIFT Nifty GIFc1 was trading at 22,222.50 as of 8:03 a.m. IST, indicating that the NSE Nifty 50 .NSEI will open only marginally above its Friday close of 22,212.70.

The blue-chip Nifty and BSE Sensex .BSESN gained about 1% each last week, buoyed by a rise in heavyweight financials.

“Traders are awaiting new catalysts with the corporate earnings season ending,” said Prashanth Tapse, senior vice president of research at Mehta Equities.

Concerns over stretched valuations linger on the market and could prompt bouts of profit booking, Tapse added.

Asian markets were off to a subdued start, with the MSCI Asia ex-Japan index .MIAPJ0000PUS dropping 0.4% ahead of a key U.S. inflation reading and commentary from Federal Reserve officials, which could influence its rate trajectory. MKTS/GLOB

Markets have already pushed out the likely timing of a first Fed rate cut from March to June. Inflation data from Japan and the European Union is also due later in the week.

Foreign investors net bought shares worth 12.76 billion rupees (around $154 million) on Friday. Domestic institutional investors added shares worth a net 1.77 billion rupees.

STOCKS TO WATCH:

** Kotak Mahindra Bank KTKM.NS: Zurich Insurance ZURN.NS will buy a 70% stake in private lender’s general insurance arm for 55.60 billion rupees upfront.

** Reliance Industries RELI.NS: Company signed a binding pact with Walt Disney to merge their media operations in India, Bloomberg reported citing sources.

** Alembic Pharmaceuticals ALEM.NS: Company fully resumed its manufacturing operations at Sikkim plant.

** Sanofi India SANO.NS: Company reported rise in profit in December quarter, recommended a final dividend of 117 rupees per share.

($1=82.8870 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Varun H K)

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