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Chambal Fertilizers was in focus of investors after its inclusion in F&O contracts from the next series. The Rakesh Jhunjhunwalal-backed Nazara Technologies also rallied, whereas Piramal Enterprises tanked after the announcement of demerger of its pharma businesses.

The Dow Jones Industrial Average rose 2.63 points, or 0.01 per cent, at the open to 34,757.57.

In the international market, gold was trading higher at USD 1,755 per ounce and silver was flat at USD 22.47 per ounce.

Business updates for many Nifty50 companies suggest strong growth ahead. For example, Titan said its standalone sales grew 78 per cent in the September quarter and it added 45 stores across segments to take the store count to 1,846.

Nifty50 has been consolidating in the past couple of weeks and is currently trading near the upper end of the range.

Nifty50 formed a bullish candle on the weekly chart and has been forming higher lows from 10 weeks in a row.

The country’s largest IT services company by market capitalization also reported 16.8 per cent year-on-year growth in consolidated revenue from operations to Rs. 46,867 crore, which was slightly below Street’s expectations.

"The short end on the swap curve is looking very attractive because it has already moved up significantly and RBI is still not saying that they are looking at normalising the policy rate....all curves have moved up by 20-25 bps in the last 10-15 days so I think the market is adequately prepared,"

Analysts said semiconductor shortage hurt supplies for personal vehicles, premium two-wheelers and light commercial vehicles (LCVs), which will potentially impact sales in the forthcoming festive season.

The 30-share BSE Sensex closed up 381.23 points at 60059.06