Indian shares are poised for a subdued start on Monday, as investor concerns over U.S. policy framework under President-elect Donald Trump and worries over moderation in domestic corporate earnings weighed on sentiment.

The GIFT Nifty futures were trading at 23,285, as of 7:48 a.m. IST, indicating that the blue-chip Nifty 50 will open near Friday’s close of 23,203.2.

Both benchmark indexes - Nifty 50 and BSE Sensex - lost about 1% each last week, dragged down by concerns over earnings growth in IT companies for the current quarter and persistent foreign outflows from domestic equities.

Concerns over slowing earnings growth are also contributing to the risk-off sentiment in domestic equities, according to two analysts.

IT stocks drags Indian equity benchmarks to weekly losses

The rupee logged its worst week in 18 months, weighed down by foreign portfolio investor outflows worth $6.4 billion from stocks and bonds so far in January.

The dollar remained firm ahead of Donald Trump taking oath as U.S. president later in the day.

Other Asian markets opened higher, while the U.S. markets will be closed on Monday for the Martin Luther King Jr. holiday.