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Sensex, Nifty positive ahead of monsoon session; Wipro, Sun Pharma top gainers

NEW DELHI: Benchmark indices opened higher on Monday amid positive trading in most Asian markets after China reported 6.9 per cent growth in June quarter GDP, which exceeded consensus estimate of 6.8 per cent.

The gains on indices were seen ahead of kickstart on monsoon session later in the day.

At 9.17 am, the BSE Sensex was trading 58.02 points, or 0.18 per cent, higher at 32,078. The Nifty 50 was trading 21.80 points, or 0.22 per cent, higher at 9,908.15.

“Going ahead, 9,900-9,920 would remain to be the levels to watch out for in the upward direction; whereas, on the lower side, 9845 – 9778 would be seen as immediate support levels,” Sameet Chavan of Angel Broking said in a note.

Among Sensex stocks, WiproBSE 4.62 % climbed 2.18 per cent to Rs 265.15. It was followed by Sun PharmaBSE -0.06 %, InfosysBSE 1.51 % and CiplaBSE 0.48 %, which rose 1.17 per cent, 1.10 per cent and 0.93 per cent, respectively.

ITCBSE -1.81 % declined 2.22 per cent to Rs 329.40. Dr Reddy’s Labs fell 0.26 per cent to Rs 2697.40. TCSBSE 0.38 %, Axis BankBSE -0.33 % and Maruti SuzukiBSE -0.08 % declined 0.09 per cent, 0.06 per cent and 0.02 per cent, respectively.

The monsoon session will have a total of 19 sittings spread over a span of 26 day s including four Private Members’ days. A total of 21 Bills pending in Lok Sabha and 42 Bills pending in Rajya Sabha will be in focus.

Meanwhile, Monday will see 17 BSE listed companies to report June quarter results on Monday. Among them would be cement maker ACCBSE 3.69 % and the master franchise for Domino’s Pizza and Dunkin’ Donuts in India, Jubilant FooodWorks. Prakash IndustriesBSE 2.12 %, AGN Industries, Cochin MineralsBSE 3.69 % and Sharda Motor IndustriesBSE 2.23 % would also report earnings later in the day.

Data released on Friday showed that exports grew 4.39 per cent to $23.5 billion in June, while imports rose faster at 19 per cent to $36.5 billion during the same month, leaving a trade gap of about $12.9 billion for the month. This is in comparison with $8.1 billion in the year-earlier period and $13.84 billion in May.

“It appears that rupee strength is weighing on external trade. After all, exports of other EMs such as South Kore ..