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Sensex, Nifty Seen Lower On Weak Asian Cues

Indian shares may open lower on Monday, with coronavirus worries and disappointing earnings results from the likes of Tata Steel and Mahindra & Mahindra likely to weigh on sentiment. Investors also await cues from the Delhi Assembly election results set to be declared tomorrow for direction.

Tata Steel on Friday posted a consolidated net loss of Rs 1,228.53 crore for the December quarter amid a tough operating environment. Mahindra & Mahindra's quarterly net profit plunged 73 percent from last year.

On the economic front, industrial production and retail inflation data will be out on Wednesday, while WPI inflation numbers will be released on Friday.

Asian stocks declined this morning as investors fretted about the threat to global economic growth from coronavirus spread.

The death toll from the coronavirus outbreak surpassed the SARS epidemic, prompting Goldman Sachs to cut its Q1CY20 real GDP growth forecast for China to 4 percent from 5.6 percent earlier.

The dollar held gains after the release of job market data and gold climbed for a fourth straight day, while oil briefly fell past the psychologically important $50 a barrel mark after Russia said it needed more time to determine if an output cut was necessary.

U.S. stocks moved lower on Friday as renewed concerns over the coronavirus overshadowed stronger than expected U.S. payroll report.

U.S. employment jumped by 225,000 jobs in January following a revised increase of 147,000 jobs in December. The unemployment rate, however, inched up to 3.6 percent from 3.5 percent in December.

The Dow Jones Industrial Average dropped 0.9 percent, while the S&P 500 and the tech-heavy Nasdaq Composite index shed around half a percent each.

European markets also ended Friday's session lower after the release of some disappointing euro area economic data.

The pan European Stoxx 600 eased 0.3 percent. The German DAX declined half a percent, France's CAC 40 index slipped 0.1 percent and the U.K.'s FTSE 100 shed half a percent.

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