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Sensex, Nifty Seen Opening On Firm Note

Positive global cues may help Indian shares open higher on Friday, though markets remain vulnerable to profit taking at higher levels amid rising oil prices, uncertainty over Kashmir issue and ahead of a long holiday weekend. Monday will be a holiday for markets on the occasion of Bakrid.

Benchmark indexes Sensex and the Nifty jumped around 1.7 percent on Thursday and the rupee rebounded from a five-month low after reports suggested that the government may restructure the budget proposal of a super-rich tax surcharge on foreign portfolio investors.

Asian markets inched higher this morning, although overall gains remained capped by fresh U.S.-China trade tensions after the Chinese rare earths association said it would support countermeasures in the escalating trade dispute with the United States.

Overnight, U.S. stocks rose sharply as the yuan stabilized and data showed unexpected annual growth in Chinese exports. The Dow rallied 1.4 percent, the S&P 500 climbed 1.9 percent and the tech-heavy Nasdaq Composite soared 2.2 percent.

European markets also rose on Thursday, buoyed by a rebound in bond yields and upbeat Chinese exports data.

The pan European Stoxx 600 advanced 1.7 percent. The German DAX gained 1.7 percent, France's CAC 40 index spiked 2.3 percent and the U.K.'s FTSE 100 added 1.2 percent.

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