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Sensex, Nifty inch higher; U.S. manufacturing data props sentiment

BENGALURU Indian shares opened higher on Tuesday after four sessions of losses, led by auto and financial stocks after strong U.S. manufacturing data lifted global sentiment, though gains were capped by fears over rising coronavirus cases at home.

The NSE Nifty 50 index rose 0.17% to 10,910.50 by 0400 GMT, while the S&P BSE Sensex was 0.15% higher at 36,996.35.

An industry gauge released overnight indicated U.S. manufacturing activity accelerated to its highest level in nearly 1-1/2 years in July, lifting Asian shares.

In Mumbai trading, shares of automakers Hero MotoCorp Ltd and Maruti Suzuki India Ltd were among the top gainers on the Nifty 50 index, rising as much as 1.9% and 1.1%, respectively.

The Nifty financials index rose 0.71%, with ICICI Bank Ltd and Axis Bank Ltd gaining over 1% each.

Meanwhile, coronavirus cases in the world’s second-most populous country jumped to over 1.80 million by Monday morning, including 38,135 deaths, health ministry data showed. The country has the world’s third highest caseload after the United States and Brazil.

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IT stocks were largely unchanged after reports U.S. President Donald Trump on Monday signed an executive order preventing federal agencies from contracting or subcontracting foreign workers, mainly those on H-1B visa.

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Source: News18