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Sensex, Nifty Set To Open On Cautious Note

(RTTNews) - Indian shares look set to open on a cautious note Monday in the wake of mixed cues from Asia and a sell-off in the U.S. and European markets Friday.

The dollar hovered near a 10-week high and base metal prices held mostly lower, while oil prices rose, with Brent crude extending gains for a third day.

The latest batch of quarterly earnings results, the direction of rupee and manufacturing PMI figures and infrastructure output data may influence trading sentiment as the week progresses.

Meanwhile, ICICI Bank on Friday reported better-than-expected financial results for the quarter ended September despite rising bad loans and treasury loss.

The benchmark 30-share BSE Sensex plunged 2.8 percent last week to hit a seven-month low amid a sell-off in global markets, while the broader Nifty index plummeted 2.7 percent. The rupee on Friday closed at Rs. 73.46 per dollar.

China's Shanghai Composite index is currently down as much as 1.6 percent while markets elsewhere across the Asia-Pacific region are trading flat to slightly lower. Australia's ASX 200 index is rising more than 1 percent, led by energy companies and financials.

U.S. stocks slumped Friday on worries about slowdown in economic and company earnings growth. Investors also reacted to mixed reports on third-quarter GDP, consumer sentiment and core inflation. The Dow dropped 1.2 percent, the tech-heavy Nasdaq Composite lost 2.1 percent and the S&P 500 declined 1.7 percent.

European markets ended Friday's session sharply lower in the wake of disappointing earnings from the likes of Amazon.com and Google parent Alphabet.

The pan-European Stoxx Europe 600 index shed 0.8 percent. The German DAX and the U.K's FTSE 100 both dropped around 0.9 percent while France's CAC 40 index tumbled 1.3 percent.
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