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Sensex, Nifty Rebound From Selloff

Indian shares opened on a positive note Tuesday after steep losses in the previous session on concerns over rising Covid-19 cases and a surge in oil prices.

The benchmark S&P BSE Sensex edged up 193 points, or 0.4 percent, to 49,937 in early trade, while the broader NSE Nifty index was up 76 points, or half a percent, at 14,752.

Jet Airways jumped 5 percent. The National Company Law Tribunal is expected to begin hearing the resolution plan of the grounded airline for approval today.

Bharti Airtel gained 0.8 percent on fund raising reports.

Bharat Forge rose nearly 2 percent after it joined hands with Paramount Group to manufacture armoured vehicles.

Reliance Industries advanced 1.6 percent after saying it has begun the process of carving out the O2C business into an independent subsidiary.

Oil companies were moving higher as oil prices jumped by more than $1 per barrel in Asian trade to extend overnight gains on a tight global supply outlook.

ONGC soared 5.5 percent, BPCL added 2.3 percent, HPCL rose 1.6 percent and IOC gained 1.5 percent.

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