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Sensex, Nifty Seen Higher As Oil Prices Plunge

(RTTNews) - Indian shares look set to open higher on Monday following Friday's sell-off.

However, energy stocks such as ONGC may come under selling pressure after oil plunged about $10 a barrel on Friday amid concerns about the outlook for energy demand.

The latest developments related to the new Covid-19 variant, macroeconomic data announcements and auto sales numbers may sway sentiment as the week progresses.

A World Health Organisation panel has named the new Covid strain 'Omicron' and classified it as a highly transmissible variant of concern, the same category that includes the Delta variant.

Asian markets were broadly lower this morning, though the downside remained capped as U.S. equity futures rose and oil rebounded some losses after Friday's plunge.

U.S. stocks tumbled during post-holiday trading on Friday as reports of a new and possibly vaccine-resistant coronavirus variant detected in South Africa as well as a surge in new Covid-19 cases in Europe raised concerns the pandemic could continue to wreak havoc on the global economy.
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