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Sensex, Nifty Seen Up As RIL Profit Beats Estimates

Indian shares look set to open higher on Friday after Reliance Industries' Q1 profit beat estimates and U.S. technology giants Amazon, Apple, Alphabet and Facebook posted stellar earnings, defying one of the worst economic downturns on record.

Indian Oil Corporation, State Bank of India, Sun Pharma, Tata Motors and UPL are among the prominent companies that will unveil their quarterly results later today.

Benchmark indexes Sensex and the Nifty fell around 0.9 percent on Thursday amid mixed global cues and the expiry of July series derivative contracts. The rupee settled four paise lower at 74.84 against the U.S. dollar.

Asian markets are trading mixed this morning, while the dollar continued to slide on renewed concerns about the strength of the American recovery.

Oil bounced back from three-week lows after data showed China's factory activity expanded in July for the fifth month in a row and at a faster pace.

Elsewhere, industrial production in Japan rose a seasonally adjusted 2.7 percent month on month in June, snapping four months of decline.

U.S. stocks ended mixed overnight as investors reacted to worrying GDP and unemployment claims figures, delay on stimulus bill and a continued surge in coronavirus cases across the world. President Donald Trump exacerbated investor nervousness by floating the possibility of delaying the U.S. presidential election.

The Dow Jones Industrial Average gave up 0.9 percent and the S&P 500 shed 0.4 percent while the tech-heavy Nasdaq Composite rose 0.4 percent ahead of key earnings for the tech sector.

Data showed the U.S. economy suffered its worst period ever in the second quarter, with GDP falling a historic 32.9 percent while initial jobless claims increased for the second straight week.

European stocks tumbled on Thursday, with dismal earnings reports, weaker-than-expected German GDP data and the Fed's warning of an uncertain economic outlook weighing on markets.

The pan European Stoxx 600 declined 2.2 percent. The German DAX plunged 3.5 percent, France's CAC 40 index lost 2.1 percent and the U.K.'s FTSE 100 plummeted 2.3 percent.

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