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Sensex, Nifty Off Day's Highs Ahead Of RBI Meet

Indian shares opened higher on Wednesday after a few days of battering on concerns about rising fiscal deficit, a surprise announcement of a 10 percent long-term capital gains tax on equities in the Budget and the potential for higher inflation as well as interest rates in the U.S.

The benchmark BSE Sensex was up 130 points or 0.38 percent at 34,325 after hitting as high as 34,666 in early trade. The broader Nifty index was up 48 points or 0.45 percent at 10,545.

Tata Motors advanced 1.4 percent as it unveils two concepts— H5X and 45X—at the Delhi Auto Expo.

Balrampur Chini Mills, Bajaj Hindusthan and Shree Renuka Sugars climbed 1-3 percent after the government doubled import duty on sugar.

Voltas jumped nearly 3 percent ahead of its quarterly results due today.

Bharti Infratel gained 0.7 percent on reports that it may get majority control of Indus Towers.

HDFC lost about 1 percent amid reports that it is exploring the purchase of a controlling stake in CanFin Homes.

Lupin dropped 1.2 percent on posting 64 percent decline in Q3 net profit.

The Reserve Bank of India (RBI) is set to announce its bi-monthly Monetary Policy Statement today, with many expecting the central bank to maintain a hawkish tone in view of firming inflation, a pick-up in economic activity in the second half of the current financial year and growing concerns over fiscal slippage.

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