(Reuters) – Indian stocks are set to open lower on Monday, following a tumble in U.S. stocks after economic data fueled fears of a protracted cycle of rising interest rates in the world’s biggest economy. world.

India’s NSE stock futures listed on the Singapore Stock Exchange were down 0.13% at 17,519, as of 7:58 a.m. IST.

Wall Street’s three major indexes posted their worst week of 2023 on Friday after official data showed the personal consumption expenditure price index, the US Federal Reserve’s preferred gauge of inflation, fell. accelerated. in January.

The data reinforced investor fears that the Fed might need to hold higher rates longer to fight inflation.

Fed futures now have rates peaking at around 5.42%, suggesting at least three more hikes from the current band of 4.5% to 4.75%.

Asian markets fell, with MSCI’s broadest index of Asia-Pacific stocks outside Japan falling 0.59%.

On Friday, foreign institutional investors (FIIs) sold 14.70 billion rupees ($177.33 million) of shares, while domestic investors bought 14.01 billion rupees worth of Indian shares.

Indian stocks recorded their worst week in more than eight months on Friday amid fears of aggressive interest rate hikes by global central banks and a drop in liquidity.

** Power Grid: Co grants several investment approvals worth Rs 8.04 billion.

** IRB Infrastructure: Co receives award letter from National Highways Authority of India for projects worth Rs 21.32 billion.

**Tega Industries:Co expects to complete the acquisition of Mcnally Sayaji Engineering within the next two months following the approval of the resolution plan by the National Company Law Tribunal.

** Phoenix Mills: Co unit finalizes the acquisition of prime land in Kolkata for Rs 4.13 billion.