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Sensex, Nifty Set To Open Flat Ahead Of Karnataka Poll Results

Indian shares look set to open flat to slightly lower on Monday as investors await the outcome of Karnataka assembly elections as a victory for BJP will enthuse the cadre tremendously ahead of nationwide elections in 2019. Exit polls by various TV channels show varied results before the counting of votes taking place tomorrow.

Macro-economic readings on inflation and balance of trade, oil price movements and the next batch of corporate earnings may also sway investor sentiment as the week progresses.

Benchmark indexes Sensex and the Nifty jumped around 2 percent last week to close at three-month highs as easing geopolitical tensions and healthy corporate earnings helped investors shrug off concerns over rising oil prices and a weakening rupee.

Asian stock markets are mostly higher this morning and the dollar dipped as the U.S. and China toned down their trade war rhetoric.

Ahead of high stakes trade talks taking place this week, U.S. President Donald Trump has pledged to help Chinese telecom company ZTE Corp to "get back into business, fast".

The recent dollar rally lost steam on the back of sagging U.S. yields while oil edged lower on fresh evidence of rising U.S. drilling activity.

U.S. stocks ended mixed on Friday after President Donald Trump unveiled his plan to reduce high drug prices and develop options to lower patients' out-of-pocket spending.

The Dow Jones Industrial Average and the S&P 500 rose 0.4 percent and 0.2 percent, respectively to reach their best closing levels in nearly two months, while the tech-heavy Nasdaq Composite finished marginally lower.

European markets also ended mixed on Friday as the dollar index eased from its 2018 high, oil prices dipped from recent highs and ECB President Mario Draghi called for a new fiscal instrument to provide an extra layer of stabilization for the Eurozone.

The pan-European Stoxx Europe 600 index fluctuated before finishing 0.1 percent higher. The German DAX dropped 0.2 percent and France's CAC 40 index slid 0.1 percent while the U.K.'s FTSE 100 inched up 0.3 percent.

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