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At 09.24 hrs IST, the Sensex is up 101.44 points or 0.52 percent at 19514.98, and the Nifty up 29.50 points or 0.50 percent at 5892.80.
Kingfisher rises nearly 5 percent to Rs 10.05, while Jet is up marginally.
Cairn India is up more than 1 percent and RIL rises 0.9 percent.
M&M shares are up more than 1 percent in opening trade, Sun Pharma up marginally.
Bank of America Merrill Lynch downgraded automakers Mahindra and Mahindra and Bajaj Auto Ltd to "underperform" from "buy" each, citing share gains since mid-2012 and valuations it considered "not compelling."
BofA Merrill also cut its price target on Bajaj Auto by 16 percent to Rs 1,925, and its price target on M&M to Rs 883 from Rs 965, according to its report dated March 8.
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