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Sensex, Nifty End Modestly Higher

Indian shares rose for a third straight session on Thursday, though the upside remained capped amid concerns that the coronavirus pandemic will have a cascading effect on the global as well as domestic economy.

Domestic rating agency Icra on Wednesday predicted that the Indian economy will witness a sharp contraction of 5 percent during FY 2020-21, because of the very modest fiscal support given under the Self-Reliant India program, an extension of the nationwide lockdown and looming labor shortage.

The agency also sees Q1 GDP contracting by 25 percent as against the previous forecast of 16-20 percent and Q2 growth contracting by 2.1 percent.

The benchmark S&P BSE Sensex rose by 114.29 points, or 0.37 percent, to 30,932.90, while the broader NSE Nifty index ended up 39.70 points, or 0.44 percent, at 9,106.25.

ITC led the gainers to rise over 7 percent, while Maruti Suzuki India, Hero MotoCorp, Asian Paints and Hindalco gained 3-6 percent.

On the flip side, Adani Ports, IndusInd Bank, NTPC, Bajaj Finance and Bajaj FinServ lost 2-4 percent.

Airline stocks soared after the government announced the resumption of domestic passenger flight operations from May 25.

Jet Airways jumped 4.9 percent, InterGlobe Aviation surged 7.5 percent and SpiceJet advanced 4.9 percent.

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