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Sensex, Nifty Seen Lower On Weak Asian Cues

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Indian shares look set to open a tad lower on Monday, with investors likely to keep an eye on corporate earnings and global cues for directional cues.

ICICI Bank, India's second-largest private lender, reported a quarterly profit on Saturday compared with a loss a year earlier, thanks to lower provisions and higher net interest income earned during the quarter.

Earnings from other prominent companies such as Axis Bank, Bharti Airtel, DLF, Dr Reddy's Laboratories, HDFC and ITC as well as macroeconomic readings on infrastructure output and manufacturing may sway investor sentiment as the week progresses.

Asian markets remain subdued this morning as investors awaited cues from the U.S. Fed's interest rate decision and the U.S.-China trade talks set to resume this week. Chinese industrial profits data disappointed, reigniting growth concerns.

The dollar held firm to hover near a two-month high against a basket of currencies while the British pound hit a 27-month low after reports that Prime Minister Boris Johnson is "turbo-charging" preparations to leave the EU without a deal on 31 October.

Oil prices fell in Asian trade after Iran described emergency talks on a multi-party nuclear agreement with a group of signatories as "constructive".

 

U.S. stocks advanced on Friday, with encouraging GDP data for the second quarter and better-than-expected earnings numbers from the likes of McDonald's, Twitter and Alphabet helping underpin investor sentiment.

The Commerce Department report showed that real gross domestic product climbed by 2.1 percent in the second quarter following the 3.1 percent jump in the first quarter. Economists had expected the pace of GDP growth to slow to 1.9 percent.

The S&P 500 rose 0.7 percent and the tech-heavy Nasdaq Composite climbed 1.1 percent to reach fresh record closing highs while the Dow edged up 0.2 percent.

European markets inched higher on Friday on the back of some upbeat earnings reports from the U.S. and Europe.

The pan European Stoxx 600 edged up 0.3 percent. The German DAX rose half a percent, France's CAC 40 index gained 0.6 percent and the U.K.'s FTSE 100 Index added 0.8 percent.

 

 


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