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Sensex Up 50 Points In Early Trade; Nifty Tad Below 9,900

Indian shares opened modestly higher on Monday as weak U.S. data dimmed prospects of more Fed rate hikes this year and Chinese GDP figures topped forecasts.

The benchmark BSE Sensex was up 50 points or 0.15 percent at 32,069 after climbing over 2 percent last week on hopes of a rate cut by the Reserve Bank of India. The broader Nifty index was up 9 points or 0.10 percent at 9,895.

Cadila Healthcare rallied 2 percent on receiving tentative approval from the U.S. FDA to market Fingolimod capsules.

BPCL rose half a percent after buying its first ever cargo of crude oil from the United States.

ITC lost nearly 2 percent on reports that the government may increase cess on cigarettes.

ACC and Jubilant Foodworks were mixed before announcing their quarterly results.

Public sector banks were mostly lower amid reports that the RBI may take up bad loans worth about Rs 8 lakh crore for resolution by March 2019.

DCB Bank lost 1.5 percent after its asset quality deteriorated in the June quarter.

Karnataka Bank tumbled 4 percent on reporting a 10 percent rise in Q1 net profit.

Inox Wind slumped 4.3 percent after challenging the National Company Law Tribunal's Chandigarh bench order on insolvency.

by RTT Staff Writer

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