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Sensex Up 169 Points In Early Trade; Nifty Rises Above 11,600

Indian shares opened on a positive note Tuesday after steep losses in the previous session on fears that soaring crude oil prices might stoke inflation and lead to fiscal slippages.

Underlying sentiment, however, remained cautious as polling began for the third and largest phase of Lok Sabha election in 116 seats.

The benchmark BSE Sensex was up 169 points or 0.44 percent at 38,814 in early trade after tumbling around 1.3 percent the previous day. The broader Nifty index was up 44 points or 0.38 percent at 11,638.

MTNL rose over 1.2 percent on news the Department of Telecom has circulated a draft cabinet note for the allocation of 4G spectrum to BSNL and MTNL.

Essel Propack edged up slightly after Blackstone Group signed a definitive agreement to acquire majority stake in the firm.

GAIL tumbled 3 percent after it emerged as the highest bidder for seven operating wind power plants of Infrastructure Leasing and Financial Services.

Lakshmi Vilas Bank advanced 1.5 percent on fund raising reports.

Alembic Pharmaceuticals gained half a percent on receiving approval from the U.S. FDA for its Teriflunomide tablets.

BEML fell over 1 percent while Syndicate Bank added 0.9 percent after they have signed an MOU for financing Earth Moving and Construction Equipment.

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