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Sensex, Nifty Rise Led By IT Stocks

Indian shares opened notably higher on Monday after the United States dropped its threat to impose tariffs on Mexico and RBI Governor Shaktikanta Das said the central bank would not hesitate to take corrective measures, if needed to address liquidity issues in the shadow banking sector.

The benchmark BSE Sensex was up 307 points or 0.77 percent at 39,922 while the broader Nifty index was up 85 points or 0.71 percent at 11,955.

The rupee opened marginally higher against the dollar as tepid U.S. jobs data added to expectations that the Federal Reserve would cut interest rates as soon as July.

IT stocks were in favor, with TCS, HCL Technologies and Tech Mahindra rising around 2 percent.

Jammu and Kashmir Bank slumped 15 percent after its chairman Parvez Ahmed was removed by Anti-Corruption Bureau (ACB).

Central Bank of India was little changed on fund raising reports.

Dewan Housing Finance Corporation shares jumped nearly 7 percent. The company said it is confident of honoring its repayment obligations by June 13.

Reliance Industries advanced 0.7 percent. The oil-to-telecom conglomerate and its partner BP Plc have jointly emerged as the winner of a block in the fresh round of auction under the Open Acreage Licensing Policy.

Bank of Baroda edged up marginally after it put bad loans worth over Rs. 9,000 crore on the block.

Coal India was marginally lower. The state-run miner has identified coal assets in Australia for acquiring equity stakes along with offtake rights in an asset or a company.

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