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Sensex Rebounds Nearly 250 Points, Nifty Above 10,350

Expectations that the GST Council might give some relief to some sectors by slashing the indirect tax rates at its meeting - due on Thursday - also supported the rebound, brokers said.
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The BSE Sensex broke its two-session losing streak
The BSE Sensex broke its two-session losing streak
Indian shares rose on Thursday with the BSE benchmark index Sensex rising 245 points to 33,463.80 and the NSE Nifty gaining 65 points to 10,368.45. Gains were led by banking, energy, pharma and metal stocks - up between 0.70 per cent and 0.95 per cent in morning deals. Buying by domestic institutional institutions (DIIs) and a firm trend on other Asian bourses, tracking overnight gains in the US markets, influenced trading sentiment. Expectations that the GST Council might give some relief to some sectors by slashing the indirect tax rates at its meeting - due on Thursday - also supported the rebound, brokers said.

At 10:19 am, 37 stocks on the Nifty 50 were trading in the positive zone. Indiabulls Housing Finance, HUL, SBI, UPL, HPCL, RIL and Adani Ports were among the top Nifty gainers. Tata Motors was up 1.33    per cent. The carmaker is slated to announce its September quarter earnings on Thursday.

Shares in the other Asian markets hovered near a decade high on Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 per cent and in close reach of a 10-year high set the previous day. Japan's Nikkei gained 1.4 percent, reaching a high not seen since January 1992. Hong Kong's Hang Seng climbed 0.6 per cent. Wall Street rose overnight, with all three major indices - Dow Jones industrial averabe, S&P 500 and Nasdaq Composite - closing at record highs.

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