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Sensex, Nifty Set To Open Largely Unchanged

Indian shares may open largely unchanged on Wednesday after IT bellwether TCS beat estimates on earnings in rupee terms but missed analyst expectations on revenues and operating income, primarily due to slowdown in the banking and financial services (BFSI) segment.

Rival Infosys is slated to report first-quarter 2020 earnings results before the market opens on Friday.

Cues from global markets remain muted while oil rose more than 1 percent on industry data showing that U.S. stockpiles fell for a fourth week in a row.

Meanwhile, amid a backlash from foreign portfolio investors over a hike in surcharge on income tax paid by super-rich individuals, the government said it is not targeting foreign investors and they have an option to convert into a corporate entity to avail of lower rates available to such category.

Benchmark indexes Sensex and the Nifty ended largely unchanged on Tuesday while the rupee rebounded by 15 paise to close at 68.51 against the greenback.

Asian markets held steady this morning and higher Treasury yields lifted the dollar as markets wondered whether Fed Chair Powell could sound less dovish than he did a few weeks ago.

U.S. stocks finished mixed overnight as caution prevailed ahead of two days of congressional testimony by Fed Chair Powell. The tech-heavy Nasdaq bounced off from day's lows to rise half a percent and the S&P 500 inched up 0.1 percent while the Dow slipped 0.1 percent.

European markets fell on Tuesday, with Deutsche Bank's decision to slash jobs and a profit warning from German chemicals major BASF keeping investors nervous.

The pan European Stoxx 600 declined half a percent. The German DAX dropped 0.9 percent, France's CAC 40 index eased 0.3 percent and the U.K.'s FTSE 100 slipped 0.2 percent.

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