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Sensex Rises Despite Mixed Global Cues

The Indian markets opened on a positive note on Monday even as other Asian markets remain lackluster following a muted finish on Wall Street Friday.

The rupee opened marginally higher at 63.45 versus Friday's close of 63.51 per dollar as downbeat U.S. data dispelled fears of an earlier-than-expected rate hike by the U.S. Federal Reserve.

The benchmark BSE Sensex is currently up 137 points or 0.50 percent at 27,461, while the broader CNX Nifty index is up 40 points or 0.48 percent at 8,302.

Bharti Airtel shares are up nearly 1 percent. The telecom major said it had received $2.5 billion credit line from two Chinese banks to invest in the growth of data networks across its global operations that now span to 20 countries.

GVK Power & Infrastructure is climbing 7 percent. The company said its fourth-quarter net loss narrowed to Rs.109 crore from Rs.235 crore last year.

Corporation Bank is rallying 3 percent on reporting a 4 percent increase in Q4 net profit.

Tata Motors is gaining half a percent. The country's largest automaker reported an increase of 4 percent in global sales including Jaguar Land Rover at 77,701 units in April.

Videocon Industries is adding 1.6 percent. The company said it had received board approval to raise up Rs. 5,000 crore via issue of securities at an appropriate time.

Asian Paints is rallying 3 percent ahead of its Q4 results due out later in the day.

State-run oil companies BPCL, HPCL and IOC are up 2-3 percent after they hiked petrol price by Rs 3.13 a liter and diesel by Rs 2.71 per liter on Friday.

Coal India is moving down 0.6 percent after Coal Minister Piyush Goyal said the state-owned miner would invest up to $25 billion over the next 5 years to achieve its billion tons production target by 2020.

JK Lakshmi Cement and Jammu & Kashmir Bank are down 4-6 percent after posting dismal Q4 results.

Federal Bank is edging down 0.2 percent on profit taking after its board recommended a 1:1 bonus issue.

The benchmark indexes Sensex and Nifty rose about a percent each last week, as weak industrial output data and easing headline inflation rate spurred hopes of a rate cut by the Reserve Bank of India (RBI) at the next review meeting scheduled on June 2.

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