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Sensex, Nifty Open Tad Higher

Indian shares opened a tad higher on Wednesday after the International Monetary Fund (IMF) raised its FY22 growth forecast for India to 12.5 percent from 11.5 percent estimated earlier in January.

The Reserve Bank of India's monetary policy announcement is due later in the day, with the central bank likely to keep rates unchanged and maintain an accommodative stance despite a gradual build-up in inflationary pressures.

The benchmark S&P BSE Sensex rose 184 points, or 0.4 percent, to 49,385 in early trade, while the broader NSE Nifty index was up 47 points, or 0.3 percent, at 14,730.

Adani Ports was up nearly 4 percent after rallying as much as 14.5 percent in the previous session.

Bharti Airtel advanced 1.2 percent after it sold spectrum worth Rs 1,497 crore to Reliance Jio. Shares of Reliance Industries were up 1.1 percent.

Tata Steel gained 0.8 percent after S&P Global Ratings upgraded its long-term rating to BB- from B+ and maintained the outlook stable.

Separately, the company said it has achieved the highest ever quarterly crude steel production of 4.75 million tons with a 3 percent QoQ growth in Q4FY21.

Mahindra Logistics climbed nearly 2 percent. Flipkart has joined hands with the company to help fast track deployment of electric vehicles across its logistics fleet in the country.

Axis Bank was marginally higher after it has become co-promoter of Max Life Insurance Company Limited.

Inox Leisure dropped half a percent on fund raising reports.

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