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Sensex, Nifty Modestly Higher In Early Trade

Indian shares opened modestly higher on Wednesday and the rupee rebounded from a near six-month low hit in the previous session amid signs that the U.S.-China trade tensions may be easing.

The U.S. announced a delay in the implementation of tariffs on some Chinese products and also removed certain products from the tariff list - essentially calling a temporary and minimal ceasefire in the year-long U.S.-China trade dispute.

The benchmark S&P BSE Sensex was up 107 points or 0.29 percent at 37,065 after plunging around 1.7 percent the previous day, reflecting risk-off sentiment globally. The broader NSE Nifty index was up 35 points or 0.32 percent at 10,961.

HDFC rose about 1 percent, Indiabulls Housing Finance rallied 3.5 percent and Dewan Housing Finance climbed more than 3 percent after the RBI said it would issue revised norms for governing housing finance companies.

Tata Motors and Maruti Suzuki India were little changed after industry data showed domestic passenger vehicle sales in July dived at the steepest pace in nearly two decades.

Coal India dropped 1.2 percent despite reporting 22.3 percent rise in consolidated profit for the June quarter.

Grasim Industries gained 1 percent and Wockhardt rose about half a percent ahead of their quarterly earnings results due today.

PSU banks SBI and Indian Bank were up around 1 percent after the finance ministry issued guidelines for providing a one-time credit guarantee to public sector banks for purchase of pooled assets of non-banking financial companies at fair value.

Future Retail slid half a percent on reports that American e-commerce giant Amazon is in advanced stage of discussions to pick up 8-10 per cent stake in the company.

Reliance Industries rallied 1.3 percent after climbing almost 10 percent on Tuesday.

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