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Indian Shares Seen Flat To Lower At Open

Indian shares look set to open flat to slightly lower on Friday amid concerns about the markets becoming overbought.

India's GDP is within the striking distance of attaining positive growth, the Reserve Bank said adding that the letter "V" in the V-shaped recovery stands for vaccine.

"Recent high-frequency indicators suggest that the recovery is getting stronger in its traction and soon the winter of our discontent will be made glorious summer," the central bank said in its January Bulletin.

Earnings optimism may also offer some support, with Asian Paints, Bajaj Auto and Jindal Steel and Power posting upbeat results for the December quarter.

Benchmark indexes Sensex and the Nifty gave up early gains to end modestly lower on Thursday, while the rupee added another 6 paise to end over four-month high of 72.99 against the dollar, extending gains for the third straight session.

Asian markets eased from record highs this morning and the dollar headed for its worst week of the year, while oil prices dropped after an unexpected build-up in U.S. crude stockpiles and on worries over new pandemic restrictions in China.

U.S. stocks ended on a lackluster note overnight, though the tech-heavy Nasdaq Composite climbed to a record close, bolstered by a jump in shares of megacap stocks.

The Dow Jones Industrial Average and the S&P 500 ended narrowly mixed as jobless claims and housing data showed the world's largest economy is slowly getting some traction.

European markets fell slightly on Thursday as the European Central Bank warned about the impact of the coronavirus pandemic on the economy and reaffirmed a pledge to keep borrowing costs at record lows.

The pan European Stoxx 600 ended flat with a positive bias. The German DAX slipped 0.1 percent, France's CAC 40 index shed 0.7 percent and the U.K.'s FTSE 100 dropped 0.4 percent.

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