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Sensex, Nifty Set To Follow Global Peers Lower

(RTTNews) - Indian shares look set to open lower on Tuesday, tracking weak global markets after high-profile technology and internet companies fell sharply and traders shifted their focus back to trade tensions between the U.S. and China.

That said, the downside would be limited after the government and the Reserve Bank of India reached a truce on a number of issues at a crucial central bank board meeting.

Tensions between the government and the RBI have eased as both sides accommodated each other's views and avoided a public showdown that many feared.

The central bank has agreed to provide relief to small and medium firms and ease lending restrictions on some state-owned banks.

After a nine-hour board meeting, it has been decided to set up an expert committee to examine the Economic Capital Framework.

Benchmark indexes Sensex and the Nifty climbed 0.9 percent and 0.8 percent respectively on Monday while the rupee rose by 26 paise to close at a 10-week high of 71.67 against the dollar.

Asian stocks slipped in early trade this morning and the dollar sagged on weak U.S. data while oil prices gained slightly, adding to the previous session's gains.

Overnight, the Dow slumped 1.6 percent and the S&P 500 plummeted 1.7 percent while the tech-heavy Nasdaq Composite index fell as much as 3 percent to hit its lowest closing level in almost five months.

European markets also gave up earlier gains to end lower on Monday as tech stocks fell on worries over Apple's iPhone demand and carmaker Renault sank after the arrest of its CEO over financial misconduct allegations.

The pan-European Stoxx Europe 600 index declined 0.7 percent. The German DAX dropped 0.9 percent, France's CAC 40 index shed 0.8 percent and the U.K.'s FTSE 100 dipped 0.2 percent.
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