Sensex, Nifty Set To Open Lower On Turkey Concerns

( - Indian shares may follow global peers lower on Monday as investors keep a watch on currency markets amid renewed concerns over Turkey.

The Turkish lira hit a fresh record low this morning after closing down as much as 16 percent on Friday as U.S. President Donald Trump doubled steel and aluminum tariffs on Turkey, raising concerns the country may plunge into a financial crisis.

Benchmark indexes in China, Japan, Hong Kong and South Korea are down more than 1 percent this morning, helping lift demand for safe-haven assets such as gold and the Japanese yen. Oil prices rose slightly to extend Friday's gains.

U.S. stocks fell on Friday amid geological tensions after Trump approved higher steel and aluminum tariffs on Turkey, sending the lira tumbling to a record low.

The Dow dropped 0.8 percent while the tech-heavy Nasdaq and the S&P 500 shed around 0.7 percent.

European markets ended Friday's session firmly in the red after the European Central Bank raised concerns over the impact of a weak lira on European banks.

The pan-European Stoxx Europe 600 index declined 1.1 percent. The German DAX slumped 2 percent, France's CAC 40 index lost 1.6 percent and the U.K.'s FTSE 100 dropped 1 percent.

Closer home, a slew of earnings results, oil price movements, the direction of rupee and macro data on inflation and trade balance may influence trading sentiment as the week progresses. Markets will remain closed on Wednesday because of Independence Day.

Allahabad Bank, Cadila Healthcare, Godrej Industries, Grasim Industries, Sun Pharma, Tata Chemicals and Tata Steel are among the prominent companies that will unveil their quarterly earnings results this week.

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