Indian shares set for muted start to week after Russia turmoil

India's NSE stock futures listed on the Singapore Exchange were up 0.02% at 18,718, as of 07:48 a.m. IST.

Last week, the blue-chip Nifty 50 index consolidated just shy of record levels, while the S&P BSE Sensex eased after hitting an all-time high, weighed down by hawkish central bank commentary.

Concerns surfaced over the weekend about the possible disruption of Russian oil supply after a challenge by the Russian mercenary group Wagner on Moscow, which was eventually averted. The move also raised questions about political stability in Russia.

Brent crude futures rose in early Asia trade, a negative for countries like India where crude constitutes a significant share of the country's import bill and higher prices could impact the current account deficit.

Foreign institutional investors sold a net 3.45 billion rupees ($42.1 million) worth of Indian equities on Friday, while domestic investors sold 6.84 billion rupees of shares, as per provisional NSE data.

STOCKS TO WATCH:

** ICICI Bank, ICICI Securities: Boards of the companies to consider delisting of ICICI Securities shares on June 29.

** HDFC Life Insurance Company: India's insurance regulator granted approval for transfer of its shares from HDFC Ltd to HDFC Bank. ** Ipca Laboratories: U.S. FDA inspected formulations manufacturing facility situated at Pithampur, issuing eight observations.

** Bank of Maharashtra, Axis Bank, Jammu and Kashmir Bank: India's central bank imposed monetary penalty on lenders on Friday for non-compliance with some directions.

** Shree Cement: NDTV reported that tax evasion to the tune of 230 billion rupees ($2.80 billion) has been found in tax searches at multiple locations of Shree Cement in Rajasthan. The company said late Saturday that surveys by the income tax officials were still going on.

($1 = 81.9970 Indian rupees)

(Reporting by Chris Thomas and Biplob Kumar Das in Bengaluru; editing by Eileen Soreng)