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Sensex, Nifty Seen Up On Firm Global Cues

Positive global cues may help Indian shares open higher on Monday even as underlying sentiment may remain cautious amid increasing Covid cases both at home and abroad.

India's Covid-19 tally rose to over 8.5 lakh, while there have been over 1.28 crore confirmed cases globally.

With over 32.6 lakh reported cases till date, the United States is the worst-affected country in the world, followed by Brazil, India, Russia and Peru.

New cases in the U.S. have sky-rocketed in recent weeks, having recorded nearly 60,000 fresh cases every day for five consecutive days.

Closer home, industry body Ficci estimates India's GDP growth to be (-) 4.5 percent in 2020-21, a sharp downward revision from the growth estimate of 5.5 percent reported in the January 2020 survey.

Reserve Bank of India Governor Shaktikanta Das on Saturday said the Indian economy has started showing signs of returning to normalcy, but there is still uncertainty about what kind of durable effects the pandemic will leave behind on potential growth.

Asian stocks are moving higher this morning as focus shifted to the U.S. earning season. JP Morgan, Citigroup, and Wells Fargo will unveil their earnings reports on Tuesday, while Goldman Sachs, Bank of NY, Netflix and Morgan Stanley will declare their financial results later in the week.

The dollar started the week on a soft note while oil prices slipped ahead of an OPEC technical meeting this week.

U.S stocks advanced on Friday after Gilead Sciences said remdesivir showed a sharp mortality risk drop when used to treat patients suffering of coronavirus.

The Dow Jones Industrial Average climbed 1.4 percent, the tech-heavy Nasdaq Composite rose 0.7 percent and the S&P 500 added 1.1 percent.

European stocks ended notably higher on Friday as investors cheered positive news about a potential coronavirus vaccine, easing of lockdown measures in the U.K. and stronger-than-expected economic data from France and Italy.

The pan European Stoxx 600 advanced 0.9 percent. The German DAX rallied 1.2 percent, France's CAC 40 index gained 1 percent and the U.K.'s FTSE 100 rose 0.8 percent.

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