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Sensex Rises 230 Points Amid Oil Price Slump; Nifty Climbs Above 10,500

Indian shares opened modestly higher on Thursday after oil prices fell
2.5 percent to close at a one-month closing low the previous day, helping ease investor concerns surrounding inflation and rising twin deficits.

Other Asian markets also traded mostly higher after U.S. Congress leaders reached a two-year bipartisan budget deal worth around $300 billion.

Closer home, the benchmark BSE Sensex was up 230 points or 0.67 percent at 34,312 in early trade, snapping a seven-session losing streak. The broader Nifty index was up 54 points or 0.52 percent at 10,531.

IT stocks were trading mostly higher after Cognizant said it doesn't see any meaningful difference in the demand outlook between the beginning of 2017 and 2018. TCS rose half a percent, Infosys advanced 1.6 percent and Wipro gained 0.4 percent.

Low cost carrier SpiceJet jumped 5 percent as it posted its highest ever quarterly profit in the three months ended December.

Telecom major Idea Cellular rallied 2 percent after suspending interconnect services with Aircel, due to non-payment of dues.

JSW Steel rose about 1 percent on reports that it has placed a Rs. 29,700-crore bid for acquiring Bhushan Steel. Shares of Bhushan Steel soared almost 4 percent.

BHEL rallied 3.5 percent ahead of its quarterly results due today.

Karnataka Bank gained 1.1 percent after hiking deposit rates.

Aurobindo Pharma edged down marginally after reporting 3 percent growth in consolidated net profit for the third quarter.

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