Sensex, Nifty Seen Opening On Flat Note

(RTTNews) - Indian shares may open largely unchanged on Tuesday as investors keep a wary eye on oil and rupee movements for direction.

The U.S. dollar fell slightly against the yen on worries about the Sino-U.S. trade war and political turmoil in Europe, while oil held steady amid increasing signs of declining crude exports from Iran ahead of impending U.S. sanctions on the country.

Brent crude prices hit as low as $82.66 on Monday, but later pared most losses on bets that China's economic stimulus would boost crude demand.

Meanwhile, the Reserve Bank of India's consumer confidence survey showed that consumers are pessimistic about the current economic situation.

The corresponding index slipped to 94.8 points from 98.3 in the previous June 2018 round of the survey, but one-year-ahead expectations rose to 121.1 points from 119.8 points in the June 2018 round.

Benchmark indexes Sensex and the Nifty rose slightly on Monday to snap a three-day losing streak as energy stocks rebounded from recent heavy losses. The rupee, however, slumped by 30 paise to close at a fresh record low of 74.07 per dollar.

Asian stocks hovered near 17-month low this morning after China allowed its currency to slip past a psychological bulwark and the IMF cut its global growth forecast, citing trade disruptions.

U.S. stocks fluctuated before ending mixed overnight, as technology stocks came under selling pressure for the third day running and investors remained concerned about the impact of U.S.-China trade war on global growth.

The Dow rose 0.2 percent while the S&P 500 slid marginally and the tech-heavy Nasdaq Composite fell as much as 0.7 percent.

European markets fell sharply on Monday amid the re-emergence of the Italy/EU budget deficit battle after Italy vowed to ramp up spending.

The pan-European Stoxx Europe 600 index lost 1.1 percent. The German DAX tumbled 1.4 percent, France's CAC 40 index shed 1.1 percent and the U.K.'s FTSE 100 declined 1.2 percent.
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