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Sensex, Nifty Seen Opening Slightly Higher

Indian shares may open higher on Wednesday despite lingering concerns about the spread of coronavirus, with the World Health Organization warning of a "very grave threat for the rest of the world".

Stock-specific action is likely, with Coal India and BHEL in focus after reporting disappointing quarterly results. Meanwhile, Syndicate Bank's Q3 profit grew manifold as bad loans shrank.

Benchmark indexes Sensex and the Nifty rose around 0.6 percent on Tuesday while the rupee settled unchanged at 71.28 against the U.S. dollar.

Asian markets are trading mixed this morning and the dollar retreated on improved risk appetite while gold prices traded flat. Oil prices rose for a second day running amid preliminary signs that new coronavirus cases are slowing in China.

U.S. stocks edged up slightly overnight after a top Chinese health adviser said the coronavirus outbreak may be peaking and infections may be over by April.

Recent strong earnings announcements and economic data as well as fairly upbeat comments by Fed Chair Jerome Powell about the U.S. economic outlook also offered some support.

The Dow Jones Industrial Average ended flat with a negative bias while the S&P 500 inched up 0.2 percent and the tech-heavy Nasdaq Composite rose 0.1 percent to reach fresh record closing highs.

European markets advanced on Tuesday after reports of an apparent slowdown in the rate of coronavirus infection.

The pan European Stoxx 600 added 0.9 percent. The German DAX surged 1 percent, while France's CAC 40 index and the U.K.'s FTSE 100 both gained about 0.7 percent.

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