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Sensex, Nifty Set To Open On Cautious Note

Indian shares may struggle to find direction at open on Thursday as oil prices continued to jump and investors look forward to key corporate earnings.

Brent crude futures slipped in Asian trade after clocking their longest winning streak in over 18 months Wednesday, ending 4.63 percent higher at $61.44 per barrel amid easing concerns about energy demand and on data showing a drop in U.S. crude inventories.

On the earnings front, TCS, Bandhan Bank and Goa Carbon will unveil their quarterly earnings results today.

The focus may also turn to the FY19 fiscal outlook, with Finance Minister Arun Jaitley likely to present an interim budget on February 1.

Meanwhile, in another significant development, the NDA's Bill on 10 percent quota for general category poor has sailed through Parliament.

Benchmark indexes Sensex and the Nifty extended their winning streak for the fourth straight session on Wednesday after a World Bank report suggested that India would retain its position as the fastest growing major economy in 2019-20. The rupee, however, extended losses to end down by 25 paise at 70.46 against the dollar.

Asian stocks remain broadly lower this morning as Chinese and U.S. teams ended trade talks in Beijing, and officials said details would be released soon.

China's ministry of commerce said that the negotiations were "extensive, deep and meticulous".

U.S. stocks fluctuated overnight before ending higher for the fourth consecutive session as the minutes from the latest Fed meeting revealed a dovish approach to rate hikes this year and investors remained hopeful that the U.S. and China will reach a long-term trade agreement before a March 1st deadline.

The Dow rose 0.4 percent, the tech-heavy Nasdaq Composite gained 0.9 percent and the S&P 500 added 0.4 percent.

European markets finished higher on Wednesday, led by automakers and technology companies.

The pan-European Stoxx Europe 600 index gained half a percent. The German DAX and France's CAC 40 index climbed around 0.8 percent, while the U.K.'s FTSE 100 advanced 0.7 percent.

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