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Sensex Jumps Over 700 Points; Nifty At 14,735

Indian shares were sharply higher on Monday as some semblance of calm returned to bond markets and investors cheered progress on a huge U.S. stimulus bill.

China's manufacturing recovery weakened for a third month in February, while Japan's factory activity grew at its fastest pace in two years, separate reports showed.

Closer home, the Indian economy expanded in the final three months of 2020, thus exiting a severe recession caused by sharp contractions in the previous quarters due to the impact of one of the harshest lockdowns to battle the coronavirus pandemic, a government report showed.

The benchmark S&P BSE Sensex jumped 722 points, or 1.5 percent, to 49,822 in early trade, while the broader NSE Nifty index was up 205 points, or 1.4 percent, at 14,735.

Among the top gainers, Tech Mahindra, UltraTech, ONGC, Hero MotoCorp and Power Grid Corp rallied 3-4 percent.

Reliance Industries gained 0.6 percent after reports that it has partnered with Facebook Inc, Google and fintech player Infibeam to set up a national digital payment network.

Indian Oil climbed 2.5 percent on news it will invest Rs. 32,946 crore to expand capacity at Panipat refinery complex.

BPCL rose half a percent and HPCL advanced 1.5 percent after the price of domestic 14.2-kg LPG cylinder was hiked by Rs 25.

Tata Motors gained over 1 percent and Maruti Suzuki India added nearly 2 percent as investors await February auto sales data.

KEC International jumped 2.3 percent on winning new orders of Rs 1,140 crores across its various businesses.

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