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Sensex, Nifty Set To Follow Asian Peers Lower

(RTTNews) - Indian shares look set to open flat to slightly lower on Monday as investors wait to take cues from company earnings, oil price movements and the direction of rupee.

Macro data released over the weekend proved to be a mixed bag, with industrial output rising at a slower pace in August, while retail inflation rose marginally in September.

Industrial production climbed an annual 4.3 percent in August compared to 6.5 percent increase in July and 4.8 percent in the same period last year. Consumer price inflation came in at 3.77 percent versus 3.69 percent in August.

On the earnings front, HDFC Bank, Hero MotoCorp, IndusInd Bank, Indiabulls Housing, Infosys, Reliance Industries and UltraTech Cement are among the prominent companies that will unveil their quarterly earnings this week.

Benchmark indexes Sensex and the Nifty jumped more than 1 percent last week to snap a five-week losing streak as oil prices tumbled, concerns surrounding IL&FS eased and the rupee recovered from record lows amid liquidity infusion by RBI.

Asian markets are trading mostly lower this morning, with Japan's Nikkei losing as much as 1.4 percent on the buzz that Prime Minister Shinzo Abe would later announce a hike in sales tax. Chinese shares held steady after last week's rout, triggered by fears over U.S.-China trade row and higher U.S. interest rates.

Gold prices rose and the dollar firmed against the euro and pound ahead of a key European summit while both Brent and U.S. crude futures rose over 1 percent as the disappearance of a prominent Saudi journalist stoked worries about supply.

U.S. stocks rebounded on Friday after a two-day heavy sell-off as strong Chinese trade data helped ease concerns over slowing global growth and top White House economic adviser Larry Kudlow said a meeting between President Donald Trump and Chinese President Xi Jinping at a multilateral summit in November is "under discussion."

The Dow rallied 1.2 percent and the S&P 500 surged 1.4 percent while the tech-heavy Nasdaq Composite jumped as much as 2.3 percent.

European markets ended Friday's session slightly lower, failing to hold early gains. The pan-European Stoxx Europe 600 index eased 0.2 percent. The German DAX edged down 0.1 percent while France's CAC 40 index and the U.K.'s FTSE 100 both slid around 0.2 percent.
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