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Sensex, Nifty Rise On Recovery Hopes

Indian shares opened higher on Friday despite mixed global cues. Sentiment was underpinned by hopes of faster recovery, with global firm Barclays lifting its fiscal 2022 growth forecast for the Indian economy to 8.5 percent from an earlier projection of 7 percent.

The benchmark S&P BSE Sensex climbed 218 points, or half a percent, to 43,817 in early trade, while the broader NSE Nifty index was up 50 points, or 0.4 percent, at 12,822.

BPCL gained 0.7 percent. Media reports suggest that there isn't much interest in the sale of the government's 53 percent stake in the company.

Reliance Industries dropped 1.3 percent after completing the sale of about 10 percent stake in its retail unit.

TCS edged up slightly after expanding partnership with home improvement firm Kingfisher.

Bharti Infratel rallied 2.2 percent. The company said the scheme of merger with Indus Towers Limited into the company has become effective and complete.

Vodafone Idea jumped nearly 4 percent after it received cash consideration of Rs. 3,760 crore as pursuant to the same.

Tata Motors advanced 0.7 percent on news it has crossed the 4 million passenger vehicle sales milestone in India.

Low-cost airline SpiceJet soared 4 percent to extend recent gains on easing concerns around return of Boeing's 737 Max planes.

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