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Sensex, Nifty Seen Lower At Open

Indian shares look set to open a tad lower on Thursday, although underlying sentiment may remain positive after Prime Minister Narendra Modi pledged to continue reforms and take necessary steps to reverse the GDP slowdown witnessed in the last two quarters.

Benchmark indexes Sensex and the Nifty rose about half a percent on Wednesday and the rupee rebounded to 65.01 per dollar to log its biggest gain in seven months after the Reserve Bank of India (RBI) left its key interest rates unchanged, as widely expected, but slashed the statutory liquidity ratio (SLR) by 50 basis points to spur banks into lending more. Solid core sector output data and falling oil prices also supported underlying sentiment.

Asian stocks are mostly higher this morning in holiday-thinned trade despite further upheaval in Spain. The dollar inched up slightly and gold held steady ahead of Friday's U.S. jobs report while Brent crude prices dipped for the eighth consecutive session.

U.S. stocks eked out modest gains to hit record highs overnight and the dollar dipped after speculation that Jerome Powell, viewed as dovish, is a frontrunner in the race to get the chairmanship of the Fed.

Private jobs and services sector data also painted a mostly positive picture of the world's largest economy. The Dow and the S&P 500 inched up around 0.1 percent while the Nasdaq Composite ended largely unchanged with a positive bias.

European stocks came under selling pressure on Wednesday as investors fretted over a constitutional crisis in Spain and the European Central Bank warned of higher capital levels and possible sanctions if banks fail to meet its new guidance on bad-loan provisioning.

The pan-European Stoxx Europe 600 index slid 0.1 percent. France's CAC 40 and the U.K.'s FTSE 100 finished slightly lower, while the German DAX rose half a percent as trading resumed after a bank holiday.

Back home, Rajnish Kumar has been appointed as the new State Bank of India (SBI) Chief with a three-year-tenure.

Reliance Communications said it would withdraw its plan to demerge its tower business.

ONGC Videsh, the overseas arm of state-owned ONGC, has completed acquisition of 30 percent participating interest in Namibia offshore blocks.

by RTT Staff Writer

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