Sensex, Nifty Rise 1% In Early Trade

Indian shares opened sharply higher on Monday, mirroring positive global cues and ahead of a slew of corporate earnings due this week.

The benchmark S&P BSE Sensex rose by 377 points, or 1.03 percent, to 36,972 in early trade, while the broader NSE Nifty index was up 103 points, or 0.96 percent, at 10,871.

Reliance industries advanced 1.8 percent on expectations it would make big-ticket announcements at the 43rd AGM on July 15.

Separately, the company has raised Rs 730 crore from wireless technology leader Qualcomm Ventures by selling 0.15 percent equity stake in Jio Platforms.

Bharti Airtel shed 0.7 percent. According to PTI, the Telecom Regulatory Authority of India (TRAI) has asked the company to withhold the specific plan that promised faster speeds to certain priority users, for the interim period.

Vodofone idea rose about half a percent after making full payment to all NCD bond holders.

TVS Motor Company rose 1.2 percent. The company said it expects business environment to remain challenging for most part of the current financial year.

Avenue Supermarts declined more than 2 percent on reporting an 87.61 percent year-on-year plunge in consolidated net profit for the June quarter.

JSW Steel rallied 2.3 percent after cutting capex plans for FY21.

Biocon climbed 2.7 percent after its drug Itolizumab received a nod by the Drugs Controller General of India (DCGI) for its use on moderate to severe Covid-19 patients.

Punjab & Sind Bank was little changed after it reported fraud of Rs 112.42 crore in two NPA accounts of Maha Associated Hotels and Edyar Zinc.