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Share markets in India moved higher in early trade today, tracking global cues and the recent slide in crude oil prices.
US stocks rallied on Monday, boosted by heavyweight technology shares and on surprise strength in US manufacturing activity, following a sharp selloff last week on concerns about the economic impact from the fast-spreading coronavirus out of China.
Meanwhile, Crude oil prices hit 13-month lows, as the coronavirus throttled demand in the world's biggest importer of fuel. Brent crude futures crashed to US$ 54.11 a barrel, while US crude sank to US$ 49.99.
The BSE Sensex is trading up by 637 points, up 1.6%, while the NSE Nifty is trading up by 183 points.
Shares of Hero MotoCorp and Reliance Industries gained over 3% while HDFC bank , HDFC and ICICI Bank gained in the range of 1.5-2%.
On the sectoral front, gains were largely seen in the energy sector, metal sector, and finance sector.
More details to follow in the upcoming commentary.
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