BENGALURU: Indian shares were set for a muted open on Monday, on the heels of their first weekly loss in over a month, as crude prices rose on supply concerns after a short-lived mutiny by mercenaries in Russia.

India’s NSE stock futures listed on the Singapore Exchange were up 0.02% at 18,718, as of 07:48 a.m. IST.

Last week, the blue-chip Nifty 50 index consolidated just shy of record levels, while the S&P BSE Sensex eased after hitting an all-time high, weighed down by hawkish central bank commentary.

Concerns surfaced over the weekend about the possible disruption of Russian oil supply after a challenge by the Russian mercenary group Wagner on Moscow, which was eventually averted.

Indian shares slip on caution over valuations, hawkish central banks

The move also raised questions about political stability in Russia.

Brent crude futures rose in early Asia trade, a negative for countries like India where crude constitutes a significant share of the country’s import bill and higher prices could impact the current account deficit.

Foreign institutional investors sold a net 3.45 billion rupees ($42.1 million) worth of Indian equities on Friday, while domestic investors sold 6.84 billion rupees of shares, as per provisional NSE data.