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Indian Shares Set To Open Lower On Virus Worries

Indian shares look set to open sharply lower on Monday despite positive global cues.

As Covid-19 cases continue to surge in the country and states announce fresh curbs, several brokerages have downgraded India's GDP growth forecasts for the current fiscal year.

With India's daily tally of Covid-19 infections surging by records, experts say that localized lockdowns will hurt the economic recovery from the pandemic.

Asian shares hovered near 1-1/2 week highs this morning despite growing tensions between the U.S. and Russia over jailed opposition leader Alexey Navalny.

Gold held firm near 7-week high on dollar weakness while oil edged lower on growth concerns amid surging caseloads of coronavirus infections in India and other countries.

Bitcoin recouped most of its losses after tumbling the most since February over the weekend as Turkey's central bank banned the use of cryptocurrencies and crypto assets to purchase goods and services.

U.S. stocks rose on Friday as strong earnings and encouraging housing and consumer sentiment data added to optimism about a global economic recovery.

The Dow rose half a percent and the S&P 500 inched up 0.4 percent to set new record closing highs, while the tech-heavy Nasdaq Composite index edged up marginally.

European stocks hit fresh record highs on Friday, thanks to fairly upbeat data from China, the U.S. and Europe.

The pan European Stoxx 600 climbed 0.9 percent. The German DAX rallied 1.3 percent, France's CAC 40 index gained 0.9 percent and the U.K.'s FTSE 100 advanced half a percent.

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