Sensex, Nifty Set For Positive Start

(RTTNews) - Indian shares look set to open a tad higher on Tuesday after oil prices lost about 2 percent on Monday and official data showed that India's retail inflation held closer to the Reserve Bank of India's medium-term target of 4 percent in September, despite higher food prices.

A slew of corporate results, rupee's trajectory and the latest developments on the U.S.-China trade front may sway sentiment as the day progresses. Meanwhile, India's balance of trade numbers for September will be out later today.

Benchmark indexes Sensex and the Nifty ended Monday's session modestly higher while the rupee fell by 21 paise to close at a three-week low of 71.23 against the U.S. dollar.

Asian markets inched higher this morning as investors waited to take cues from a key Brexit summit and a slew of U.S. bank earnings due this week.

The U.S. dollar hovered below 2-1/2-month highs against the yen and gold held steady below the $1,500 per ounce level while oil extended steep overnight losses after the release of weak Chinese data.

Overnight, U.S. stocks struggled for direction before ending marginally lower after China indicated further talks were needed to finalize the first phase of the trade deal and U.S. Treasury Secretary Steven Mnuchin warned the next round of tariffs on $156bn of Chinese goods will go into effect on Dec. 15 if a deal hasn't been reached by then.

A three-day rally in European shares halted on Monday as inconclusive U.S.-China trade negotiations and renewed Brexit uncertainty dented sentiment.

The pan European Stoxx 600 gave up half a percent. The German DAX slid 0.2 percent, France's CAC 40 index dropped 0.4 percent and the U.K.'s FTSE 100 shed half a percent.
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