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Indian Shares Seen Opening On Mixed Note

Indian stocks are likely to open on a mixed note Friday morning, with investors looking for direction after the previous session's sharp setback.

The mood is likely to be cautious due to higher crude oil prices and uncertainty about U.S.-China trade talks. A downward revision in India's GDP growth forecast by the Organisation for Economic Co-operation and Development (OECD) may also weigh on sentiment.

OECD has cut India's GDP growth forecast by 1.3 percentage points to 5.9 percent for 2019-20.

For the next year, the OECD has projected the Indian economy to grow 6.3 percent, down 1.1 percentage points from earlier forecast.

The focus will be on the GST Council meeting today, and investors are hoping the government will take some key decisions such as rationalizing GST rates to boost growth. A reduction in GST on automobile is among the major expectations.

Yes Bank will be in focus after Morgan Credits sold 2.3 percent stake out of the 3.03 percent it held in the bank. Morgan Credits said it will use the proceeds to prepay a substantial portion of its outstanding non-convertible debentures.

Punjab National Bank is reportedly considering raising up to Rs 3000 crore through additional Tier-I Basel-III compliant perpetual bonds in one or more tranches next Thursday.

NMDC has slashed prices of high grade iron ore or lumps by Rs 200 to Rs 2700 per tonne.

On Thursday, the benchmark BSE Sensex ended down 470.41 points, or 1.29 percent, at 36,093.47, while the National Stock Exchange's Nifty50 closed lower by 135.85 points, or 1.25 percent, at 10,704.80.

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