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Sensex, Nifty To Open Flat After Selloff

Indian shares may open flat to slightly higher on Tuesday after steep losses the previous day. With oil prices rising again and polling beginning for the third phase of Lok Sabha elections, further downside cannot be ruled out.

Brent oil futures held at $74.35 per barrel in Asian trade, after having hit a 2019 high of $74.50 in the previous session on news the U.S. wouldn't renew Iran oil waivers once they expire.

Benchmark indexes Sensex and the Nifty tumbled around 1.3 percent on Monday, with oil companies coming under heavy selling pressure amid fears that soaring crude oil prices might stoke inflation and lead to fiscal slippages.

The rupee plunged by 32 paise to close at a two-week low of 69.67 against the dollar.

Asian stocks held steady this morning despite fears that China may slow the pace of policy easing.

U.S. stocks ended mixed overnight as housing data disappointed and investors braced themselves for a deluge of earnings news.

The Dow dropped 0.2 percent, while the S&P 500 inched up 0.1 percent and the tech-heavy Nasdaq Composite rose 0.2 percent.

European markets were closed on Monday for the Easter holiday.

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