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Sensex, Nifty Seen Up On US Stimulus Hopes

Indian shares may open higher on Tuesday after Tech Mahindra's Q1 results beat Street estimates and RBI Governor Shaktikanta Das said that five major dynamic shifts underway in the economy would lead to "sizeable benefits for economy".

Governor Shaktikanta Das assured the industry that the central bank was closely monitoring the economic situation and would not hesitate to take appropriate action.

Meanwhile, telecom tower company Bharti Infratel reported a 21 percent fall in net profit for the April-June period, hurt by a fall in sharing revenue and higher net finance cost.

On the coronavirus front, five states across India are ready for the third and final phase of human trials of the Oxford-AstraZeneca Covid-19 vaccine, Secretary of Department of Biotechnology (DBT) Renu Swarup said on Monday.

After getting the go-ahead from the authorities, Pune-based Serum Institute of India plans to commence Phase I/II trials of AstraZeneca Oxford vaccine in India from the next month itself.

Benchmark indexes Sensex and the Nifty fell around half a percent on Monday, dragged down by banks. The rupee erased early gains to end flat at 74.83 per dollar.

Asian markets are moving higher this morning and oil prices rose for a third straight day, as U.S. Senate Republicans formally unveiled their roughly $1 trillion stimulus proposal and investors wagered the Federal Reserve will reinforce its dovish message this week.

Gold extended its record-breaking rally as the dollar index hovered near a two-year low hit in the previous session amid a renewed increase in Covid-19 cases around the world.

U.S. stocks rose overnight after data showed U.S. orders for durable goods rose more than expected in June and Treasury Secretary Steven Mnuchin said Republicans have finalized their new coronavirus relief legislation.

The Dow Jones Industrial Average inched up 0.4 percent and the S&P 500 gained 0.7 percent, while the tech-heavy Nasdaq Composite index rallied 1.7 percent.

European stocks ended lower on Monday as investors fretted over escalating U.S.-China tensions and a recent jump in coronavirus infections in certain European region.

Travel-related stocks were hit hard following news about the U.K. government imposing quarantine on travelers returning from Spain.

The pan European Stoxx 600 eased 0.3 percent. The German DAX finished marginally higher, while France's CAC 40 index and the U.K.'s FTSE 100 both fell 0.3 percent.

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