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Sensex Up 856 Points In Early Trade; Nifty Climbs Above 9,800

Indian shares opened sharply higher on Monday as investors digested fourth-quarter GDP data and reacted positively to the government's decision to come up with a phased re-opening of all activities outside containment zones beginning June 1.

Positive cues from other Asian markets also helped underpin investor sentiment ahead of monthly auto sales figures and manufacturing data, due out later in the day.

The benchmark S&P BSE Sensex jumped 856 points, or 2.64 percent, to 33,280 in early trade, while the broader NSE Nifty index was up 258 points, or 2.7 percent, at 9,838.

Reliance Industries advanced 1.3 percent. The company said it will emerge net-debt free by the end of this calendar year.

Alok Industries climbed 5 percent. The company has redeployed its manufacturing facilities in Silvassa, Gujarat for exclusively manufacturing Covid-19 protective gears at one-third the cost of those imported from China.

Raymond gained 1.5 percent after its board approved issuance of non-convertible debentures aggregating up to Rs 80 crore.

Lemon Tree Hotels rallied 5 percent after it reported a net loss of Rs 17.92 crore in the quarter ended March 2020.

Kotak Mahindra Bank jumped 3.7 percent on fund raising reports.

Shipping Corporation of India surged nearly 4 percent as it reported 83 percent jump in its consolidated profit for the fourth quarter ended March.

Yes Bank added 1.5 percent after it acquired over 24 percent stake in Dish TV India following invocation of pledged shares. Shares of the latter gained 4.7 percent.

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