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Sensex, Nifty Open Higher In Cautious Trade

Indian shares were flat to slightly higher on Wednesday as investors weighed hopes for economic recovery against rising U.S.-China tensions and a fierce standoff between Indian and Chinese troops in eastern Ladakh.

The benchmark S&P BSE Sensex edged up 37 points, or 0.12 percent, to 30,646 in early trade, while the broader NSE Nifty index was up 24 points, or 0.26 percent, at 9,053.

Deepak Nitrite rallied 3.2 percent after its quarterly profit jumped 87 percent from last year.

Coromandal International soared 5.7 percent on reporting a 112 percent surge in its fourth-quarter profit.

Kotak Mahindra Bank climbed 2.2 percent. The private sector lender has launched a qualified institutional placement to raise Rs 7,500 crore.

Torrent Pharmaceuticals edged up slightly on posting turnaround results for the March quarter.

S H Kelkar & Company was moving lower after its March quarter profit declined 40.3 percent year-on-year.

Max Financial Services tumbled 3 percent on posting a 97 percent year-on-year fall in Q4 consolidated profit.

IPCA Laboratories fell 2.5 percent and Cadila Healthcare dropped half a percent. No major side-effects of antimalarial drug Hydroxychloroquine have been found in studies in India and its use can be continued in preventive treatment for Covid-19 under strict medical supervision, the Indian Council of Medical Research (ICMR) said.

Titan Company shares lost about 2 percent. The company said it has opened around 43 percent of its stores across all businesses till date and that sales are improving gradually.

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