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Sensex Up 286 Points In Early Trade; Nifty Climbs Above 9,900

Indian shares opened on a positive note Tuesday despite Moody's Investors Service downgrading the country's sovereign credit rating by a notch to the lowest investment grade with negative outlook.

The benchmark S&P BSE Sensex climbed 286 points, or 0.86 percent, to 33,589 in early trade, while the broader NSE Nifty index was up 80 points, or 0.82 percent, at 9,906.

Kotak Mahindra Bank shares jumped 4.5 percent. Billionaire banker Uday Kotak is selling 2.83 percent stake worth over Rs 6,800 crore in the private sector lender.

Mahindra & Mahindra rallied 3.6 percent after reports of a surge in tractor sales in the month of May.

Tata Power Company soared 5.2 percent after it took over the management of CESU.

Amara Raja Batteries advanced 2.2 percent after it has entered into an agreement with Gridtential Energy to collaborate on bipolar battery technology.

Ashok Leyland rose 1.2 percent on reporting an 89 percent slump in commercial vehicle sales for May.

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