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Sensex Soars 1,500 Points; Nifty Breaches 23,850
(RTTNews) - Indian shares rallied on Thursday as investors cheered news of progress in U.S-China trade talks and remained hopeful that both the Reserve Bank of India and the U.S. Federal Reserve will slash interest rates in the coming months.
The fact that FIIs have been buyers in two consecutive sessions also contributed to the positive mood ahead of a long weekend.
The benchmark S&P/BSE Sensex ended the session up 1,508.91 points, or 1.96 percent, at 78,553.20, after having opened with minor cuts earlier.
The broader NSE Nifty index closed up 414.45 points, or 1.77 percent, at 23,851.65 while the BSE mid-cap and small-cap indexes rose around half a percent each.
The market breadth was positive on the BSE, with 2,425 shares rising while 1,524 shares declined and 157 shares closed unchanged.
Among the top gainers, SBI, Reliance Industries, Kotak Mahindra Bank, Bajaj FinServ, Bharti Airtel, Sun Pharma, ICICI Bank and Eternal jumped 3-4 percent.
IT major Wipro slumped 4.3 percent after issuing a weak outlook for the upcoming quarter amid global headwinds.
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