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Sensex, Nifty open higher; Infosys, HCL Tech stocks surge

Equity benchmark indices opened higher on Thursday as the rally was led by Infosys, HCL Tech, Airtel and TCS. On the flip side, selling pressure was seen in HDFC, Reliance, Tata Steel and IndusInd Bank.

On Wednesday after the announcement of repo rate cut of 35 bps by the Reserve Bank India has failed to cheer the investors and the markets corrected sharply to close near the day’s low.

The Sensex was up 46 points at 36,736 and the Nifty 50 index rose 10 points at 10,865. On the NSE, 809 shares rose and 684 shares fell. A total of 547 shares were unchanged.

Shares of Tata steel slipped 3% after the company reported below expected numbers for Q1FY20. The revenue grew by 1.3% YoY but declined by 15.3% QoQ to Rs35,947cr against median consensus estimates of Rs37,404cr.

On the results front, Ultratech Cement and Page Industries along with about 170 companies are scheduled to announce their June quarter earnings today.

The Indian rupee opened higher by 9 paise at 70.80 per dollar on Thursday against previous close 70.89/$.

Meanwhile, oil futures jumped more than $1 a barrel on Thursday amid a weaker dollar, recovering ground after concerns that a global economic slowdown would hurt crude demand sparked losses of over 4% in the previous session.

Asian indices saw another flat start after US stocks staged a smart rally in the last hour. The pessimism in most Asian markets seems overdone as the sharp fall in oil should bode well for importers, with currencies also seeing strength. 

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