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Sensex, Nifty Set For Steady Open

Indian shares look set to open on a positive note Friday, with falling oil prices, a weakening dollar in overseas markets and TCS' solid quarterly results likely to support underlying sentiment.

Oil prices held steady in Asian trade but remained on track for a more than 4 percent fall this week.

Crude oil futures for November delivery ended down $2.20 or 3 percent at $70.97 a barrel overnight, adding to the 2.4 percent loss in the previous session, after the U.S. Energy Information Administration report showed crude supplies in the U.S. climbed by 6 million barrels for the week ended October 5. That was much larger than what analysts had expected.

The U.S. dollar hovered near two-week lows after Treasury yields pulled back to their lowest level in a week on data showing that consumer prices rose by less than expected in September.

The Modi government is considering imposing a fresh set of import curbs and higher tariffs on non-essential imports to contain a widening current account deficit and arrest the rupee slide.

Separately, a top World Bank official said that on orderly depreciation of the rupee would increase competitiveness and relieve some of the pressures in the capital market.

Meanwhile, software giant TCS reported its fastest sequential growth in revenue in more than three years and exuded optimism that it would clock double-digit growth in revenue this fiscal.

Benchmark indexes Sensex and the Nfity tumbled over 2 percent on Thursday, mirroring weak global cues as investors fretted about slowing global growth and rising interest rates.

Asian markets steadied somewhat this morning after media reports suggested that the U.S. Treasury Department would not call China a currency manipulator in an upcoming report.

Gold held near an over two-month high hit in the previous session and the dollar weakened further after U.S. President Donald Trump described the policies of the Federal Reserve as "loco" and "crazy", undermining the Fed's independence.

U.S. stocks fell sharply on Thursday to extend losses from the previous session on concerns about growth and company profits.

While the Dow and the S&P 500 dropped around 2.1 percent to hit two-month and three-month closing lows respectively, the tech-heavy Nasdaq Composite shed 1.3 percent to hit its lowest closing level in five months.

European markets slumped on Thursday on the back of heightened fears over an expected slowdown in global growth.

The pan-European Stoxx Europe 600 index lost 2 percent. The German DAX gave up 1.5 percent, while France's CAC 40 index and the U.K.'s FTSE 100 both fell 1.9 percent.

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