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Sensex, Nifty Seen Up As Wall Street Roars Back

Indian shares may see a gap-up opening on Wednesday after U.S. stocks ended a volatile session sharply higher overnight, led by technology, materials and consumer discretionary companies.

The Dow Jones Industrial Average climbed 2.3 percent, the tech-heavy Nasdaq rallied 2.1 percent and the S&P 500 jumped 1.7 percent.

European markets closed sharply lower on Tuesday to suffer a seventh straight decline, but Asian stocks are trying to recoup losses from the previous session as investors cheery pick beaten-down stocks.

Major indexes across Asia are currently up 1-3 percent and oil prices traded mixed after the release of API data on crude inventories while the dollar recovered to 109.41 yen from 108.61 yen late Tuesday.

Closer home, benchmark indexes Sensex and the Nifty fell for a sixth consecutive session on Tuesday while the rupee dropped 17 paise to end at a fresh seven-week low of 64.24 against the dollar.

The Reserve Bank of India (RBI) is set to announce its bi-monthly Monetary Policy Statement today, with many expecting the central bank to maintain a hawkish tone in view of firming inflation, a pick-up in economic activity in the second half of the current financial year and growing concerns over fiscal slippage.

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