BENGALURU: Indian shares are set to open marginally higher on Monday amid mixed cues from their regional peers, after extending their rally to a third straight week.

The GIFT Nifty was at 26,286 points as of 07:49 a.m. IST, suggesting that the benchmark NSE Nifty 50 will open above its Friday’s close of 26,178.95.

The Nifty ended 0.07% lower on Friday, while the BSE Sensex dropped 0.3%.

For the week, however, the indexes rose 1.5% and 1.2%, respectively.

The benchmark indexes had slipped in the late hours of Friday, as investors booked profits after a six-session rally on the back of an outsized US interest rate cut, which bolstered expectations of more foreign inflows.

US data on Friday also showed that consumer spending increased moderately in August, while inflation pressures continued to abate, further lifting expectations of an outsized interest rate cut at the Federal Reserve’s November meeting.

Indian shares end off record highs

Investors now await comments from Federal Reserve Chair Jerome Powell and Fed Governor Michelle Bowman later in the day.

Asian markets turned hesitant on Monday as strife in the Middle East offset more stimulus measures in China, while the Nikkei dived on concerns Japan’s new prime minister favoured normalising interest rates.