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Sensex, Nifty Seen Opening Up As Exit Polls Show NDA Surge

Indian shares look set to open sharply higher on Monday after most exit polls predicted a second term for Prime Minister Narendra Modi with comfortable majority for NDA.

Impact on indexes will be very much positive if BJP clinches 300 seats or more. The vote count is scheduled on May 23.

Global brokerage firm Morgan Stanley sees Sensex hitting 42,000 by December 2019, with a 20-25 percent upside expected in rupee and dollar terms, if the voters elect a stable government at the Centre.

The benchmark BSE Sensex jumped more than 800 points in the previous two trading sessions while the Nifty rallied as much as 250 points during the period.

Asian stocks are trading mixed this morning and China's offshore yuan strengthened, while oil prices jumped as much as 1 percent after Saudi Energy Minister Khalid al-Falih indicated there was consensus among OPEC and allied oil producers to continue limiting supplies.

U.S. stocks fluctuated before closing lower on Friday after CNBC reported that the next round of U.S.-China negotiations are "in flux" because it is unclear what the two sides would discuss.

While president sought to blame China for backing out of a nearly completed trade deal, a spokesperson for China's Ministry of Commerce claimed the U.S. unilaterally escalated trade disputes.

The Dow dropped 0.4 percent, the tech-heavy Nasdaq Composite tumbled 1 percent and the S&P 500 declined 0.6 percent.

European markets ended off their day's lows on Friday to snap a three-session winning streak as Brexit talks collapsed and the U.S. delayed tariffs on European auto imports for up to six months.

The pan European Stoxx 600 shed 0.4 percent. The German DAX slid 0.6 percent, France's CAC 40 index eased 0.2 percent and the U.K.'s FTSE 100 slipped 0.1 percent.

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