Indian shares set to open lower tracking Asian peers

BENGALURU, Oct 3 (Reuters) - Indian shares are likely to open lower on Tuesday, tracking a dip in Asian peers on U.S. rate concerns, while persistent foreign selling also weighed on risk sentiment.

Indias GIFT Nifty (.GIFc1) was down 0.20% at 19,574 points at 7:48 a.m. IST on the NSE International Exchange.

Wall Street equities were subdued after hawkish comments from U.S. Federal Reserve Chair Jerome Powell and Vice Chair for Supervision Michael Barr reignited worries of a prolonged high interest rate regime. Asian markets edged lower.

The Indian equity market was closed on Monday due to a public holiday.

The Nifty 50 (.NSEI) extended losses for the second week in a row on Friday. The slide in domestic equities coincides with the re-emergence of foreign portfolio investors (FPI) selling.

FPIs snapped a six-month buying streak in September, offloading shares worth 147.68 billion rupees, according to National Securities and Depository Ltd data.

FPIs have also been net sellers in each of the last nine sessions, selling shares worth 16.86 billion rupees on Friday.

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