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Sensex, Nifty Inch Higher Ahead Of RBI Meeting

Indian shares opened modestly higher on Wednesday, with solid core sector output data, falling oil prices and firm global cues helping underpin investor sentiment ahead of the RBI's monetary policy review due out later in the day.

The benchmark BSE Sensex was up 45 points or 0.15 percent at 31,543 in early trade while the broader Nifty index was up 18 points or 0.19 percent at 9,878.

Natco Pharma shares soared 20 percent. Its partner Mylan NV has received the U.S. FDA approval to launch the generic version of multiple sclerosis drug Copaxone in the American market.

BPCL, HPCL and IOC climbed 1-3 percent as oil extended losses and the government cut the basic excise duty on diesel and petrol to counter inflation.

Mahanagar Gas rallied 2.5 percent on hiking CNG and PNG prices in Mumbai.

Ahluwalia Contracts gained over 2 percent on securing new orders worth Rs 555.77 crore.

Reliance Communications rose half a percent after steep losses the previous day.

Hero MotoCorp edged up 0.4 percent on positing record sales in September.

Apollo Tyres lost 1 percent after launching a share sale to institutions to raise Rs 1,200 crore.

by RTT Staff Writer

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