Indian shares are set to open lower on Monday following weak cues from global markets and as investors turned cautious ahead of Lok Sabha election results and amid ongoing March-quarter earnings season. In global markets, Asian shares fell, oil prices slumped and the safe-haven yen strengthened as trade negotiations between China and the US deteriorated suddenly, reversing apparent progress made in recent months. On Friday, Indian benchmark indices ended flat as investors remained cautious amid March-quarter earnings season. The indices posted marginal gains for the week. At 07:00 AM, the SGX Nifty, an early indicator of the Nifty 50's trend in India, was down 0.42 percent at 11,711, indicating a weak start for the Sensex and Nifty.

Among brokerages, Jefferies has a 'hold' rating on HUL but raised the stock's target price, while CLSA is 'outperform' on the stock but cut its target price.

Indian benchmark indices BSE Sensex and NSE’s Nifty 50 are set for a negative start on Monday following weak cues from global markets. Investors also turned cautious ahead of Lok Sabha election results and amid ongoing March-quarter earnings season. In global markets, Asian shares fell, oil prices slumped and the safe-haven yen strengthened as trade negotiations between China and the US deteriorated suddenly, reversing apparent progress made in recent months. On Friday, Indian benchmark indices ended flat as investors remained cautious amid March-quarter earnings season. The indices posted marginal gains for the week. At 07:55 AM, the SGX Nifty, an early indicator of the Nifty 50's trend in India, was down 0.46 percent at 11,706, indicating a weak start for the Sensex and Nifty.

Speaking at the 'Urja Sangam' conference in March 2015, the Prime Minister had said that India needs to bring down its oil import dependence from 77 percent in 2013-14 to 67 percent by 2022 when India will celebrate its 75th year of independence.