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Sensex, Nifty Open Modestly Higher; Infosys Shares Soar

Indian shares opened slightly higher on Monday, as investors reacted positively to Infosys' earnings and macro data released after market hours on Friday.

China reported its slowest rate of quarterly economic growth in 27 years, helping limit the upside to some extent.

The benchmark S&P BSE Sensex was up 126 points or 0.33 percent at 38,862 while the broader Nifty index was up 21 points or 0.18 percent at 11,573.

Infosys soared 4.3 percent after it reported a 5.26 percent year-on-year (YoY) rise in its quarterly net profit and raised its guidance for FY20.

InterGlobe Aviation edged down slightly as the feud between the two co-promoters of Indigo Airlines intensified.

Lupin was marginally higher. The company aims to launch new products across geographies this fiscal year.

CEAT climbed 1.2 percent on news it has lined up investment of Rs. 3,500 crore to ramp up manufacturing capacity across its plants.

Dewan Housing Finance Corporation slumped 10 percent as it reported a huge standalone net loss of Rs 2,223 crore for the March quarter, raising concerns about whether it will continue to operate as a going concern.

Allahabad Bank also plunged 10 percent after it reported a fraud of Rs 1,774.82 crore by Bhushan Power & Steel.

Future Enterprises tumbled 5.3 percent after its CFO was arrested for evasion of customs duty.

Parag Milk Foods rallied 1.4 percent after ICRA upgraded its ratings on the company's bank facilities.

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