Sensex Up 175 Points; Nifty Tops 14,650

Indian shares opened on a positive note Thursday after the Biden administration announced support for waiving intellectual patent protections for coronavirus vaccines.

The benchmark S&P BSE Sensex edged up 175 points, or 0.4 percent, to 48,851 in early trade, while the broader NSE Nifty index was up 36 points, or 0.3 percent, at 14,653.

IDBI Bank jumped 8 percent after the government approved the strategic divestment and transfer of management control in the bank.

Tata Motors gained 0.8 percent as the Competition Commission ordered a detailed probe against the company for alleged abuse of dominant position with respect to dealership agreements.

Bajaj Finance advanced 1.7 percent after it received regulatory approval to launch a digital wallet.

Hero MotoCorp rose over 1 percent ahead of its earnings release.

Adani Green Energy added 1.5 percent after posting turnaround results for FY21.

Tata Steel soared 5 percent as it posted a consolidated net profit of Rs 7,162 crore for the March quarter, against a net loss of Rs 1,615 crore in the corresponding quarter last year.

Indian Bank was little changed after declaring the Saravana Stores account as fraud.

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