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Sensex Up 118 Points In Early Trade; Nifty Nears 11,250

Indian shares opened a tad higher on Wednesday as trade war worries eased and weak data from China reinforced expectations Beijing could unveil more economic stimulus.

Closer home, speculation is rife that the RBI may go in for a larger rate cut in the next monetary policy review in June to accelerate growth.

The benchmark BSE Sensex was up 118 points or 0.32 percent at 37,436 after snapping a nine-day losing streak the previous day. The broader Nifty index was up 26 points or 0.23 percent at 11,248.

Tata Steel, HCL Technologies, UPL, Mahindra & Mahindra and BPCL rose 1-2 percent while Indiabulls Housing Finance, Britannia, Tata Motors, Yes Bank and Zee Entertainment Enterprises declined 1-4 percent.

Jet Airways dropped 4.4 percent after its senior-most executives resigned.

Union Bank of India plunged 8 percent after its Q4 net loss widened on account of higher provisioning.

PNB shed 0.8 percent and Canara Bank declined 1.5 percent on reports the finance ministry has identified mid-sized and small government banks for separate merger processes with them.

Larsen & Toubro edged up slightly after it acquired 1,168 shares of Mindtree from the open market.

Yes Bank gave up 3 percent after the RBI appointed former deputy governor Rama Subramaniam Gandhi as an additional director on its board.

Muthoot finance rose half a percent on fund raising reports.

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