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Indian Shares Set To Follow Asian Peers Lower

Indian shares are seen opening lower on Monday as investors await the next batch of quarterly earnings results and look forward to additional measures in the upcoming Budget to support growth.

The government is expected to lay down a road map in the Budget to reduce its fiscal deficit to 4 percent of GDP by 2025-26.

Bank credit grew 3.2 percent to Rs 107.05 lakh crore in the first nine months of the current financial year, while deposits rose 8.5 percent to Rs 147.27 lakh crore, according to data released by the Reserve Bank of India (RBI).

RBI governor Shaktikanta Das has suggested that the regulator is open to examining the idea of setting up a bad bank to revive lenders creaking under a mountain of bad loans.

Asian markets dropped this morning along with U.S. stock futures despite Chinese GDP and industrial output data coming in above expectations.

Sino-U.S. tensions remain on investors' radar after the Trump administration notified several Huawei suppliers that it's revoking their licenses to work with the Chinese firm.

Gold hit its lowest level in 1-1/2 months on a firmer dollar ahead of Joe Biden's swearing-in as the 46th U.S. president on Wednesday.

Oil prices dropped about 1 percent in Asian deals as China reported more than 100 new Covid-19 cases for the sixth consecutive day.

U.S. stocks sank on Friday, reflecting a negative reaction to earnings news from financial giants Wells Fargo, Citigroup and JPMorgan Chase and data showing a continued decline in retail sales in December.

The Dow Jones Industrial Average dropped 0.6 percent, the S&P 500 shed 0.7 percent and the tech-heavy Nasdaq Composite gave up 0.9 percent.

European markets ended firmly in negative territory on Friday as growing tensions between Beijing and Washington coupled with rising Covid-19 cases in Europe and China raised concerns about the durability of the global economic recovery.

The pan European Stoxx 600 fell 1 percent. The German DAX lost 1.4 percent, France's CAC 40 index declined 1.2 percent and the U.K.'s FTSE 100 shed 1 percent.

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