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Sensex, Nifty Modestly Higher In Early Trade

Indian shares opened a tad higher on Wednesday after upbeat earnings from the likes of United Technologies, Twitter and Coca-Cola helped the Nasdaq and S&P 500 indexes reach record closing highs overnight.

The benchmark BSE Sensex was up 71 points or 0.18 percent at 38,635 while the broader Nifty index was up 23 points or 0.20 percent at 11,599 ahead of April derivative contracts due on Thursday.

Reliance Industries rose half a percent on reports that it is preparing the ground for its e-commerce launch.

Banks were narrowly mixed amid reports that the RBI may adopt a more accommodative approach towards resolution of stressed assets when it issues a revised circular to replace the controversial February 12, 2018, circular.

ITC edged down slightly after it moved the National Company Law Tribunal against Hotel Leelaventure alleging "oppression and mismanagement".

Tata Global Beverages slid half a percent after its Q4 profit halved.

Jet Airways advanced 1.7 percent. Its chief executive officer Vinay Dube told ET Now in an interview that the airline is constantly engaging with the government and lenders for a resolution of the current debt crisis.

HDFC gained 0.8 percent after it received RBI approval for holding up to 9.9 percent stake in Bandhan Bank.

Sterlite Technologies dropped 1 percent despite reporting a 47 percent rise in quarterly profit.

ACC slumped 4.5 percent after its Q1 profit jumped 38 percent, driven by a tax refund.

ICICI Securities rallied 2.7 percent on reporting a 19 percent fall in Q4 profit.

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