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Sensex Up 290 Points In Early Trade; Nifty Tops 11,300

Indian shares opened higher on Monday, mirroring firm cues from other Asian markets after data showed China's factory deflation eased in July amid signs of a recovery in industrial activity.

The benchmark S&P BSE Sensex climbed 290 points, or 0.76 percent, to 38,330 in early trade, while the broader NSE Nifty index was up 92 points, or 0.83 percent, at 11,306.

BHEL surged 4.3 percent after the government said it will stop importing more than 100 items used by armed forces in a bid to boost local manufacturing.

Bharti Airtel was slightly lower while Vodafone Idea shares rose over 1 percent ahead of a Supreme Court verdict on staggered AGR payments.

Cipla soared 4.6 percent as it reported a 26.58 percent rise in its consolidated net profit for the June quarter.

IndusInd Bank shares gained 1.1 percent. The private sector lender has acquired 7.82 percent stake in battery maker Eveready Industries by invoking pledged shares following loan default.

Shipping Corporation of India jumped nearly 7 percent after the state-run firm reported its highest quarterly profit in 54 quarters.

Canara Bank rose 0.6 percent on fund raising reports.

ONGC advanced 1.3 percent on news it has trimmed its debt by more than one-third.

Lupin rallied nearly 2 percent and Sun Pharma rose 1.3 percent after recalling drugs in the U.S.

DCB Bank edged down slightly on reporting a marginal decline in quarterly net profit.

Divi's Laboratories soared 12.5 percent after announcing its June quarter results.

Prestige Estates climbed 3.2 percent on reports that I.S. private equity giant Blackstone Group will acquire its rental assets.

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