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Sensex, Nifty Open Higher Led By IT Stocks

Indian shares opened modestly higher on Thursday after two days of losses. The benchmark BSE Sensex was up 31 points or 0.11 percent at 28,186 in early trade while the broader Nifty index was up 13 points or 0.15 percent at 8,737. The rupee opened lower by 4 paise at 66.94 per dollar as traders priced in chances of a Fed rate hike in March.

TCS jumped 2 percent after the company said its board of directors would consider a proposal for buyback of equity shares at its meeting to be held on February 20, 2017. Rivals Infosys, Wipro, Tech Mahindra and HCL Technologies climbed 1-2 percent.

SBI rallied 1.5 percent after the Union Cabinet approved a proposal to merge its five associate banks with the parent. State Bank of Mysore, State Bank of Bikaner and Jaipur and State Bank of Travancore climbed around 5 percent each.

Tata Motors rose over 1 percent after falling over 10 percent on Wednesday.

Nestle India fell nearly 2 percent on reporting an 8.6 percent decline in quarterly net profit.

Tata Steel slid half a percent after thousands of U.K steelworkers overwhelmingly backed a deal on securing the future of their pensions.

by RTT Staff Writer

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