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Indian markets may be marginally higher on global peers support. Asian shares inched up from two-month lows on Friday just hours ahead of the US President Donald Trump administration's plan to raise tariffs on Chinese imports as investors looked to whether negotiators from the two countries can clinch a deal to avert the hike. MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.2% while Japan's Nikkei rose 0.4%.

Trump said on Thursday he had received a "beautiful letter" from Chinese President Xi Jinping, stoking hopes that Washington may suspend its plan to raise tariffs on $200 billion worth of Chinese goods to 25% from 10%. That provided some support for stocks in early Asian trade though sentiment remains cautious. Trump also said on Thursday he was taking steps to authorise new tariffs on $325 billion in Chinese imports.

Wall Street’s main indexes fell on Thursday ahead of critical trade negotiations between the United States and China, though they pared losses significantly after US President Donald Trump said reaching a deal this week was possible.

Back home, major companies that will announce March quarter results today are State Bank of India (SBI), L&T, Allahabad Bank, Canara Bank, Syndicate Bank, Eicher Motors, Glaxosmithkline Consumer Healthcare and IDFC First Bank among others.

HCL Technologies Ltd is likely to be in focus today after it announced a 3.5% sequential increase in its dollar revenue for the January-March quarter, the highest among large companies in India’s $167 billion information technology (IT) outsourcing sector.

Meanwhile, concerns about renewed escalation in the trade tensions supported safe-haven assets. The 10-year US Treasuries yield stood at 2.453%, near its lowest levels since late March.

In the currency market, the yen is favoured, with the dollar changing hands at 109.71 yen, having hit a three-month low of 109.47 on Thursday. The euro firmed to $1.12 while the Chinese yuan perked at 6.838 per dollar having hit a four-month low of 6.8638 to the dollar the previous day.

Oil prices held firm after Trump's comments on Xi's letter raised hopes for a deal for now. Brent rose 0.7% to $70.86 a barrel while US West Texas Intermediate (WTI) crude gained 0.9% to $62.24 per barrel.

(Reuters contributed to the story)

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