Sensex, Nifty Modestly Higher In Early Trade

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Indian shares opened modestly higher on Monday even as underlying sentiment remained cautious amid rising oil prices and ahead of the Karnataka Legislative Assembly elections 2018 scheduled on May 12.

The benchmark BSE Sensex was up 76 points or 0.22 percent at 34,991 in early trade, while the broader Nifty index was up 24 points or 0.23 percent at 10,642.

ICICI Bank rose 0.8 percent and Tata Coffee gained 0.6 percent ahead of their quarterly results due today.

Avenue Supermarts tumbled 3 percent after its Q4 profit jumped 73 percent from last year.

Wockhardt lost 9 percent after it posted a net loss of Rs 155 crore for the fourth quarter.

Lupin fell 4 percent on reports that the U.S. health regulator will start inspection of the drugmaker's Nagpur plant from May 7.

UltraTech edged up marginally after reportedly submitting a revised bid of Rs 7,840 crore For Binani Cement.

Aurobindo Pharma dropped 1.2 percent after it joined the race to acquire Novartis' generics unit.

Fortis Healthcare declined 1.4 percent on receiving a revised offer from Manipal Healthcare.