Indian equity benchmarks rebounded around 1% following gains in banking, power and IT shares amid positive trends in European markets. Markets were volatile in the morning session, as traders were cautious after the International Monetary Fund (IMF) in its annual World Economic Outlook report diminished the GDP forecast for India to 6.8% for the financial year 2022-23, a 60 basis point cut since the July forecast.

Extending its rally to the day high of 57,687.64, the Sensex closed 478.59 points or 0.84% higher at 57,625.91 points. The Nifty rose 140.05 points or 0.82% to settle at 17,123.60 points. 

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The broader indices ended in green with the BSE MidCap index gained 0.66% and the SmallCap index was up by 0.22%. 

The top gaining sectoral indices on the BSE were Realty up by 1.69%, FMCG up by 1.38%, PSU up by 1.30%, Power up by 1.13% and Bankex was up by 1.11%, while there were no losing sectoral indices on the BSE. 

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Top gainers from the Sensex pack were Power Grid up by 3.50%, Axis Bank 2.89%, NTPC 2.42%, IndusInd Bank 1.97% and Larsen & Toubro 1.70%.

Among the laggards were Asian Paints down by 1.60%, Dr. Reddy’s Lab down by 1.25%, Bharti Airtel down by 0.60%, Titan Company down by 0.24% and ICICI Bank down by 0.22%.

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The rupee fell 14 paise to close at 82.35 against the US dollar amid the strengthening of the US dollar and continuous foreign fund outflows.

Asian markets settled mostly lower with the Hang Seng down by 0.78%, the Nikkei 225 down by 0.02%, and the KOSPI Composite down by 0.47%.

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European stock exchanges were trading in the positive territory in mid-session deals. The US equity markets ended on a mixed note on Tuesday.

Brent crude futures, the international oil benchmark advanced 0.39% to $94.64 per barrel.

According to stock exchange data, foreign institutional investors offloaded shares worth a net of Rs  4,612.67 crore on Wednesday.