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Sensex, Nifty Edge Higher In Early Trade; OMCs Lead Surge

Indian shares shrugged off muted global cues to open a tad higher on Thursday. The benchmark BSE Sensex was up 118 points or 0.37 percent at 32,304 in early trade, while the broader Nifty index was up 36 points or 0.36 percent at 10,115.

Other Asian markets were subdued after a slew of data from China came in below economists' estimates. The Bank of England announces its rate decision later today, with analysts expecting the central bank to signal explicit concerns over the U.K. rate curve being too flat.

BPCL, HPCL and IOC jumped around 3 percent each after oil minister Dharmendra Pradhan ruled out government intervention to disrupt the daily fuel revision in view of the spike in rates due to factors like hurricane in the U.S.

Tata Chemicals rallied 2 percent after saying it is in advanced stages of negotiations to sell its phosphatic fertilizer business to Singapore's Indorama Corp for Rs 400-500 crore.

Coal India edged up 0.2 percent after reports that it plans to diversify into new mining areas.

Hindalco Industries advanced 0.9 percent. The Aditya Birla Group firm plans to prepay another Rs 1,100-crore debt this month.

Sobha rose about 1 percent. The realty developer announced that it would buy back up to 14.6 lakh shares at Rs 425 each.

IndiGo parent InterGlobe Aviation lost more than 1 percent. The company said it would conduct a share sale to institutional investors on Friday to raise as much as Rs 39.45 billion ($616 million).

by RTT Staff Writer

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