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Sensex Up Over 400 Points; Nifty Nears 12150

Indian shares opened higher on Tuesday after oil prices fell sharply overnight on concerns about the global economy and the outlook for energy demand.

Investors monitored the Delhi election results and awaited data on consumer inflation and industrial production due out tomorrow for further direction.

The benchmark S&P BSE Sensex jumped 410 points, or 1 percent, to 41,389, while the broader NSE Nifty index was up 117 points, or 0.97 percent, at 12,148.

Punjab & Sind Bank fell over 1 percent as it reported a net loss of Rs 255.49 crore for the quarter ending December due to a spike in bad loans.

Bharat Forge dropped nearly 2 percent as it posted an 81.3 percent decline in Q3 consolidated profit.

Bank of Baroda climbed 1.2 percent after cutting marginal cost of funds-based lending rate.

Steel Authority of India rallied 2.5 percent. The company said it would not close down three of its loss-making specialty steel plants if the company does not find buyers for these units.

BHEL advanced 1.6 percent and IDBI Bank gained about 1 percent ahead of their December quarter results today.

ITC surged 1.8 percent after reportedly hiking prices across various lengths of cigarettes by 10-12 percent.

Camlin Fine Sciences slumped 4.4 percent. The company said it is awaiting clearance from the provincial government to restart its manufacturing facility -- CFS Wanglong Flavors (Ningbo) Company Ltd -- at Xiaocao's Town, Yuyao City, Zhejiang Province.

Shilpa Medicare soared 7.2 percent on posting healthy quarterly earnings.

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