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Sensex, Nifty Set To Open Lower Amid Global Selloff

Indian shares may open lower on Wednesday as investors look forward to the Reserve Bank of India's monetary policy meeting, the OPEC meeting on Thursday and the results of crucial assembly election in five states due on December 11.

The dollar's slide and declining oil prices may help limit the downside as global markets reel under pressure on concerns over slowing global growth.

The RBI is expected to leave its benchmark rate unchanged at 6.5 percent later today. U.S. crude oil futures fell more than 1 percent in Asian trade on concerns over rising U.S. inventories and a global-selloff in equity markets amid worries over an economic slowdown.

Benchmark indexes Sensex and the Nifty ended slightly lower on Tuesday to snap a six-day winning streak, while the rupee dipped further by 3 paise to close at 70.49 against the dollar.

Asian markets remain broadly lower on growth and Brexit concerns, with benchmark indexes in Australia, China, Hong Kong, Japan and Kospi falling between half a percent and 1.5 percent.

The U.S. dollar sagged while the pound held little changed after hitting a 17-month low on Tuesday as British Prime Minister Theresa May suffered a damaging setback in parliament on the Brexit deal.

Overnight, U.S. stocks tanked as the initial euphoria generated by a truce between the U.S. and China over trade evaporated and an inverted yield curve in bond markets signaled an economic slowdown.

The Dow tumbled 3.1 percent, the tech-heavy Nasdaq Composite plummeted 3.8 percent and the S&P 500 lost 3.2 percent.

European markets also fell on Tuesday as confusion prevailed about the substance of the U.S.-China trade cease-fire.

The pan-European Stoxx Europe 600 index gave up 0.8 percent. The German DAX dropped 1.1 percent, France's CAC 40 index shed 0.8 percent and the U.K.'s FTSE 100 declined 0.6 percent.

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