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Sensex Jumps 550 Points; Nifty Tops 10,400

Indian shares opened on a strong note Friday and the rupee opened up by 33 paise at 73.80, as oil prices slumped and the dollar retreated in overseas markets, helping ease concerns over inflation, the twin deficits and capital outflows.

While oil remained on track for a more than 4 percent fall this week, Treasury yields pulled back and the U.S. dollar hit two-week lows after the release of weak consumer inflation data and following President Trump's comments undermining the Federal Reserve's independence.

The benchmark BSE Sensex was up 550 points or 1.62 percent at 34,551 after tumbling over 2 percent on Thursday on concerns about slowing global growth and rising interest rates. The broader Nifty index was up 165 points or 1.61 percent at 10,399.

HPCL, Mahindra & Mahindra, Indiabulls Housing Finance, UPL and Bajaj Finance climbed 4-5 percent in the Nifty pack.

Hindustan Unilever advanced 1.7 percent ahead of its September quarter earnings announcement.

TCS fell nearly 3 percent. The software giant reported its fastest sequential growth in revenue in more than three years and exuded optimism that it would clock double-digit growth in revenue this fiscal.

Infosys was down 1.6 percent, HCL Technologies gave up 3 percent and Wipro lost 1 percent.

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