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Indian Stocks Open On Firm Note

Despite a lack of positive triggers from Asian markets and lingering concerns about trade war following the US President dealing a blow to G7's efforts to put up a united front by backing of joint communique, the Indian stock market opened on a firm note on Monday.

The focus now shifts to the meeting of the US President with North Korean leader Kim Jong Un and forthcoming meetings of the US Federal Reserve and the European central Bank.

The BSE benchmark Sensex is up 157.95 points or 0.44 percent at 35,601.62. The Nifty50 of the National Stock Exchange is 47 points or 0.44 percent up at 10,814.65.

Bharti Airtel, up 2.5%, is the top gainer in the Sensex. Dr Reddy's Laboratories, Sun Pharmaceutical Industries, State Bank of India, Adani Ports and Yes Bank are up 1.5 to 2 percent. Bajaj Finance, Cipla, Yes Bank and Titan are also trading higher.

ICICI Bank is down marginally. Investing agencies are currently probing into alleged lapses involving the bank's chief Chanda Kochhar. It is reported that besides Indian regulators and investigating agencies, the US Securities Exchange Commission is also looking into certain lapses at the bank.

Axis Bank, Tata Steel, Indian Oil Corporation, ONGC and GAIL India are modestly lower.

Natco Pharma is gaining more than 2 percent after the company announced the launch of a generic version of Posaconazole injection, under its brand Posanat. Posaconazole injection is sold in the USA market by Merck under its brand name of Noxafil.

Punjab National Bank is up 2.6 percent on reports the bank is set to divest its stakes in PNB Housing Finance, its housing finance unit, and other entities like BSE, ICRA and Crisil in a phased manner.

Welspun Corp is up 2 percent after the compnay announced that it has bagged contracts for supply of API pipes in to the America's market. The new contracts have resulted in the company's order book's value rising to over Rs 11000 crore.

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