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Sensex, Nifty Set To Open On Firm Note

Indian shares may open a tad higher on Wednesday, with banks likely to be in focus, amid reports that the RBI may adopt a more accommodative approach towards resolution of stressed assets when it issues a revised circular to replace the controversial February 12, 2018, circular.

Earnings releases, oil price movements and the direction of rupee may sway investor sentiment as the session progresses.

Oil prices inched lower this morning after the International Energy Agency (IEA) said in a statement that markets are "adequately supplied" and that "global spare production capacity remains at "comfortable levels."

Benchmark indexes Sensex and the Nifty dropped around 0.2 percent on Tuesday while the rupee closed marginally higher at 69.63 a dollar.

European stocks started the day on a mixed note, while U.S. stock average futures pointed to a flat opening later in the day as investors await a slew of earnings reports for directional cues.

Asian stocks are trading mixed this morning and China's yuan edged higher after the People's Bank of China offered cheaper funding to banks in a targeted operation.

U.S. stocks advanced overnight as investors cheered positive housing data as well as upbeat earnings news from a number of big-name companies, including United Technologies, Twitter and Coca-Cola.

The Dow gained 0.6 percent, while the S&P 500 added 0.9 percent and the tech-heavy Nasdaq Composite surged 1.3 percent to end at record closing highs.

European markets recovered from an early slide to finish mostly higher on Tuesday as a surge in oil prices boosted energy stocks.

The pan European Stoxx 600 rose 0.2 percent. The German DAX inched up 0.1 percent, France's CAC 40 index gained 0.2 percent and the U.K.'s FTSE 100 added 0.9 percent.

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