Sensex Nears 59,500; Nifty Tops 17,700

Indian shares opened higher on Friday despite mixed global cues as upbeat U.S. data released overnight boosted expectations about Fed tapering.

The benchmark 30-share BSE Sensex was up 358 points, or 0.6 percent, at 59,499 in early trade, while the broader NSE Nifty index edged up 85 points, or half a percent, to 17,714.

Financials were in focus, with Bajaj Finance and Bajaj FinServ rallying 2-3 percent after the government stepped up the process of setting up the proposed bad bank.
ITC climbed 2.4 percent to extend recent gains.

Biocon rose nearly 2 percent after its subsidiary Biologics Biologics announced a strategic alliance with Serum Institute Life Sciences.

Hero MotoCorp gained half a percent on news it will hike prices of motorcycles and scooters with effect from September 20.

TVS Motor Company advanced 1.7 percent after buying a Swiss e-bike company.

Kotak Mahindra Bank added 1 percent. The group has acquired the vehicle financing loan portfolio of Volkswagen Finance Pvt Ltd.

BHEL edged up slightly after successfully commissioning India's largest floating solar plant in Andhra Pradesh.

JSW Steel dropped 1.3 percent after raising $1 billion via a bonds issue in the offshore market.

Intellect Design Arena rallied 3.3 percent after it signed a multiple-year digital transformation deal with Resurs Bank.

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