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Sensex, Nifty Hold Steady In Early Trade

Indian shares opened marginally higher on Thursday after Prime Minister Narendra Modi pledged to continue reforms and take necessary steps to reverse the GDP slowdown witnessed in the last two quarters. Global cues were also positive despite further upheaval in Spain.

The benchmark BSE Sensex was up 48 points or 0.15 percent at 31,719 in early trade after rising about half a percent on Wednesday as the RBI left its key interest rates unchanged but slashed the statutory liquidity ratio (SLR) by 50 basis points to spur banks into lending more. The broader Nifty index was marginally higher at 9,915, paring early gains.

Parag Milk rallied 2.4 percent after the RBI increased FPI investment limit in the company to 40 percent from 24 percent earlier.

Future Retail climbed 2 percent on reports that it is buying Shoppers Stop's Hypercity for Rs 700 crore.

Budget airline SpiceJet also rose about 2 percent on reports it plans to buy over 100 amphibian planes.

SBI edged up 0.3 percent. Rajnish Kumar has been appointed as the new State Bank of India (SBI) Chief with a three-year-tenure.

Reliance Communications fell over 2 percent. The company said it would withdraw its plan to demerge its tower business.

ONGC slid 0.2 percent after its overseas arm ONGC Videsh completed acquisition of 30 percent participating interest in Namibia offshore blocks.

by RTT Staff Writer

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