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Indian Shares Seen Opening Tad Lower

Indian shares look set to open a tad lower on Monday as trading resumes after a long holiday weekend.

While strong auto sales numbers for March and record GST collections suggest an improving economic environment, there are growing fears that rising bond yields could impact some FII flow to emerging markets, including India.

All eyes will be on RBI's monetary policy outcome this week given the rapidly evolving inflation trajectory and growth dynamics in the country.

With a status quo expected on rates amid a surge in more contagious variants of Covid-19, investors will closely observe the central bank's commentary on growth and inflation.

The Covid-19 pandemic in India hit a grim milestone on Sunday when daily cases crossed the 1-lakh mark for the first time. Maharashtra government has announced new curbs in the state that includes a night curfew and a weekend lockdown.

Asian stocks are trading mixed in thin trade, with markets in China, Hong Kong and Australia closed on account of the Easter break. Strong jobs data helped underpin the U.S. dollar while gold held steady as traders watched the progress of debate over Biden's $2.25 trillion infrastructure proposal.

Oil prices dropped after OPEC+ decided to boost production over the coming months and Saudi Arabia raised prices for shipments to Asia.

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