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Sensex, Nifty Open Modestly Higher

Indian shares opened on a positive note Tuesday and the rupee rebounded from the previous session's plunge after a government report showed India's retail inflation dropped to a nine-month low of 4.17 percent in July on the back of softening food prices and a favorable base.

With inflation now moving closer to the RBI's 4 percent target, the central bank is expected to refrain from hiking policy rates for the third consecutive time in October.

The benchmark BSE Sensex was up 147 points or 0.39 percent at 37,791 in early trade while the broader Nifty index was up 43 points or 0.38 percent at 11,399.

Jet Airways fell over 2 percent to extend recent losses on concerns about rising debts.

Tata Steel rallied 2.4 percent after stellar Q1 results, with quarterly profit more than doubling from last year, helped by higher steel prices and strong volume growth.

Indian Oil Corp rose half a percent after unveiling expansions plans.

IDBI Bank advanced 0.7 percent and Sun Pharma edged up 0.2 percent ahead of their quarterly results due today.

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