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Sensex, Nifty Seen Up On Firm Global Cues

Indian shares may follow global peers higher on Monday, though continued selling by foreign portfolio investors may trigger some profit taking at higher levels as the session progresses.

Finance minister Nirmala Sitharaman on Friday said her officials are in discussions with the PMO on the economy and once the talks are over, the government will figure out what remedial steps should be taken to arrest the deepening slowdown.

Meanwhile, the finance ministry has asked public sector banks to seek ideas from branches to help the country achieve USD 5-trillion economy in five years.

Asian markets edged up this morning after the People's Bank of China said it would use market-based reform methods to help lower real lending rates and prop up a slowing economy.

U.S. Treasury yields bounced higher after plunging last week and gold prices dipped on a stronger dollar while oil prices rose over 1 percent in Asian deals.

U.S. stocks rose sharply on Friday as expectations for more stimulus contributed to a pullback by U.S. treasuries and a subsequent increase in bond yields.

A measure of consumer sentiment for August came in well below estimates while data on housing starts and building permits proved to be a mixed bag.

The Dow rallied 1.2 percent, the tech-heavy Nasdaq soared 1.7 percent and the S&P 500 added 1.4 percent.

European markets ended Friday's session higher as recession worries ebbed and risk sentiment improved on global stimulus hopes.

The pan European Stoxx 600 ended up 1.2 percent. The German DAX climbed 1.3 percent, France's CAC 40 index advanced 1.2 percent and the U.K.'s FTSE 100 added 0.7 percent.

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