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Sensex, Nifty Modestly Higher In Early Trade

Indian shares opened a tad higher on Thursday after U.S. and European markets rose sharply overnight on optimism about a swift economic recovery from coronavirus-driven lockdowns.

The upside, however, remained limited amid weak cues from other Asian markets and concerns about rising coronavirus cases in India.

The benchmark S&P BSE Sensex edged up 126 points, or 0.41 percent, to 30,945 in early trade, while the broader NSE Nifty index was up 43 points, or 0.48 percent, at 9,109.

Bajaj Auto surged nearly 5 percent after posting better-than-expected quarterly earnings.

JSW Energy advanced 1.6 percent. The company said it has put the acquisition of GMR Kamalanga on hold.

Jubilant FoodWorks jumped 4.5 percent on reporting a nearly 72 percent year-on-year fall in standalone net profit for the fourth quarter ended March.

Chennai Petroleum Corporation, a group company of India Oil, slumped 5.5 percent as it reported a standalone net loss of Rs 1624.73 crore in the quarter ended March.

Jet Airways rose about 5 percent, InterGlobe Aviation soared 6.3 percent and SpiceJet advanced 4.9 percent after the government announced the resumption of domestic passenger flight operations from May 25.

Birla Corporation climbed 5.2 percent ahead of its quarterly earnings release.

PSU banks like SBI, PNB and Indian Bank were moving higher. Finance Minister Nirmala Sitharaman holds a review meeting with CEOs of public sector banks tomorrow to discuss various issues, including credit offtake.

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