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Sensex, Nifty Seen Opening On Flat Note

Indian shares look set to open largely unchanged on Thursday after oil prices tumbled into a bear market on concerns of a prolonged slowdown of the global economy and its potential impact on energy demand.

New data showing an unexpected build in oil, gas and distillate inventory supplies last week also raised prospects of excess supply in the market.

Both Brent crude as well as U.S. crude futures fell over 4 percent on Wednesday to hit their lowest levels since January.

The evolving situation in Kashmir, rupee's trajectory and global cues may sway sentiment as the day progresses.

As many as 175 companies, including Ultratech Cement, are scheduled to unveil their quarterly earnings results today.

Benchmark indexes Sensex and the Nifty fell around 0.8 percent on Wednesday as the RBI announced a bigger-than-expected 35 basis points cut in the repo rate, but revised downwards its real GDP growth outlook for 2019-20.

The rupee ended down by 8 paise at 70.89 against the greenback, extending losses for the fifth straight session. The currency fell more than 3 percent over the past five trading sessions.

Asian markets edged higher in cautious trade this morning even as fears of global recession drove U.S. yields to near-record lows. The dollar fell on expectations of Fed easing in September after Chicago Fed President Charles Evans signaled he was open to lowering rates to bolster inflation and to counter risks to economic growth from trade tensions. Gold climbed above $1,500 for the first time since 2013.

Overnight, U.S. stocks recovered from an early sell-off to end mixed as earnings from Disney disappointed and the bond markets signaled a higher risk of recession.

Citing aggressive interest rate cuts by central banks in India, New Zealand and Thailand, President Donald Trump claimed in a series of posts on Twitter that the Fed is too proud to admit mistakes of acting too fast and tightening too much.

The Dow Jones Industrial Average slipped 0.1 percent, while the S&P 500 edged up marginally and the tech-heavy Nasdaq Composite added 0.4 percent.

European markets rose on Wednesday as investors hunted for bargains after recent steep losses.

The pan European Stoxx 600 edged up 0.2 percent. The German DAX climbed 0.7 percent, France's CAC 40 index gained 0.6 percent and the U.K.'s FTSE 100 advanced 0.4 percent.

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