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Sensex, Nifty Set For Positive Open

Indian shares look set to open on a positive note Thursday after three days of losses. Investors may react positively to the latest Fed minutes showing that there exists some flexibility in the Fed's mindset on its path of interest-rate hikes.

Markets may exhibit volatility later in the day on account of the monthly F&O expiry.

Benchmark indexes Sensex and the Nifty ended down around 0.6 percent each on Wednesday to extend losses for the third day running, while the rupee recovered six paise to close at 77.52 against the dollar.

Asian markets traded mixed this morning and the dollar gained ground after the Fed meeting notes hinted at rate hikes in June and July meetings to rein in inflation.

Crude oil held steady after a steady rally this week on signs of tight supply.

U.S. stocks fluctuated on Wednesday before finishing mostly higher as the latest FOMC meeting minutes offered few surprises, with many officials advocating the use of both interest rate increases and reductions in the size of the Fed's balance sheet to achieve a neutral posture.

The Dow rose 0.6 percent, the S&P 500 gained 1 percent and the tech-heavy Nasdaq Composite climbed 1.5 percent.

European stocks closed higher on Wednesday as investors reacted to improved German consumer confidence and second estimate GDP numbers for the first quarter.

The pan European Stoxx 600 added 0.6 percent. The German DAX advanced 0.6 percent, France's CAC 40 index surged 0.7 percent and the U.K.'s FTSE 100 added half a percent.

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