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Sensex Pares Some Gains After Soaring Over 375 Pts In Early Trades

Indian shares opened on a buoyant note Monday morning, tracking positive cues from Asian markets and higher U.S. index futures, amid optimism about coronavirus vaccine.

Drug maker AstraZeneca said it has resumed the late-stage trial of its coronavirus vaccine candidate in the UK after the trial was suspended last week following an adverse reaction in a trial participant.

Although India's industrial production contracted in July, the contraction was much less than a month earlier and smaller than economists' forecast.

The data, released less than an hour before the closing bell on Friday, showed industrial production fell 10.4% year-on-year in July. That was smaller than the 11.5% decline economists had forecast. In June, industrial production shrunk by a revised 15.8%.

Meanwhile, investors looking ahead to the inflation data, due later today.

The benchmark BSE Sensex, which soared more than 375 points to 39,230.16 in a flash, is currently up 235.14 points or 0.61% at 39,089.69.

The National Stock Exchange's Nifty is up 65.05 points or 0.57% at 11,529.50, after advancing to 11,563.35 earlier.

Metal, oil, industrial, information technology, capital goods, consumer durables, realty and power stocks are up with strong gains.

Among IT majors, HCL Technologies is rising 6.5%, Mphasis is higher by about 4.7%, MindTree is advancing nearly 4%, Tech Mahindra is up 2.5%, while Tata Consultancy Services, Infosys and Wipro are up 1.5 to 1.8%. L&T Infotech is gaining about 1.3%.

Among other gainers, Tata Motors, Adani Ports, Reliance Industries, UPL, HDFC, Zee Entertainment Enterprises, Shree Cement and ONGC are up 0.75 to 1.5%.

Asian Paints, BPCL, Bajaj Finance, Maruti Suzuki, Hero Motocorp and Sun Pharmaceutical Industries are down 0.7 to 1.1%.

BHEL shares are down marginally. The company reported a net loss of Rs 893.1 crore for the quarter ended June 2020, against loss of Rs 218.9 crore in the year-ago quarter.

IRCTC Limited said it posted a loss of Rs 24.6 crore in the first quarter, as against profit of Rs 72.3 crore a year ago. Revenue dropped to Rs 131.3 crore in the latest quarter from Rs 459.2 crore in April - June 2019. IRCTC shares are down by about 0.5%.

BGR Energy Systems shares are down nearly 4% after the company reported a wider loss of Rs 74.42 crore in the first quarter of this financial year, compared with net loss of Rs 12.49 crore in the year-ago quarter.

Piramal Enterprises Limited shares will be in focus after the Competition Commission of India said it has approved acquisition of 20% stake in Piramal Pharma by US-based global investment firm Carlyle Group Inc. The stock is hovering around its previous closing price.

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