India's GIFT Nifty was trading at 21,919 points as of 7:54 a.m. IST, suggesting the NSE Nifty 50 will open near its Friday close of 21,853.80.

Asian markets were lower after data showed U.S. non-farm payrolls jumped more than expected in January, highlighting a resilient economy and weighing on hopes of an early Fed rate cut.

The odds of a Fed rate pause in March rose to 84.5% from 52.3% a week ago, according to CMEGroup's FedWatch tool. [MKTS/GLOB]

"There is a likelihood of rate cuts in the U.S. this year, however, that will happen mostly in the second half," said Santosh Pandey, president and head of Nuvama Professional Clients Group, referring to the recent Fed commentary and U.S. economic data.

India's benchmark index Nifty 50 hit an all-time high for the fifth time in 2024 on Friday, lifted by gains in Reliance and IT stocks and as the government's fiscal prudence in its budget boosted sentiment.

Foreign portfolio investors (FPIs) bought a net 706.9 million rupees ($8.52 million) worth of shares on Friday while domestic institutional investors added stocks worth 24.63 billion rupees on a net basis, according to exchange data.

STOCKS TO WATCH:

** Interglobe Aviation: The airline company posted a rise in third-quarter profit on strong demand.

** UPL: The agrochemical company reported a quarterly loss on weak demand and destocking woes.

** Tata Motors: The company reported higher-than-expected net profit in the December quarter, helped by strong sales in its British luxury car unit, Jaguar Land Rover.

** Key results on Monday: Ashok Leyland, Bharti Airtel, Varun Beverages.

($1 = 82.9810 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman)