Indian shares eye rebound after 8-week losing streak

Indian shares were set to open higher on Monday after posting their longest weekly losing streak in 25 years, supported by easing concerns over aggressive US monetary tightening and a pullback in oil prices.
GIFT Nifty futures traded at 22,639 as of 7:57 am IST, indicating a positive start for the Nifty 50, which closed at 22,421.95 on Thursday. Indian markets were shut on Friday for a public holiday.
Both the Nifty 50 and the Sensex logged their eighth straight weekly decline last week, pressured by record foreign selling, crude prices near $100 a barrel and surging global bond yields.
Sentiment improved after softer-than-expected US jobs data reduced the odds of a Federal Reserve rate hike this month, while Brent crude slipped 0.6 percent to $101.6 a barrel as higher Middle East exports eased supply concerns.
HDFC Bank will be in focus after naming Anup Bagchi as its next CEO for a three-year term. Analysts caution that a sustained recovery needs further easing in oil prices and a slowdown in foreign outflows.
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