Indian equity benchmarks rebounded on Thursday after a
two-day fall, with the Sensex climbing 437 points amid heavy buying in index
heavyweight Reliance Industries and positive trends from European markets.

The BSE Sensex surged 436.94 points or 0.79% to settle at
55,818.11. During the day, it jumped 510.75 points or 0.92% to 55,891.92. The
NSE Nifty climbed 105.25 points or 0.64% to settle at 16,628.

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The broader indices ended mixed with the BSE Mid cap
index down by 0.04%, while the Small-cap index up by 0.60%. On the sectoral
front, Energy was up by 2.33%, Oil & Gas up by 2.14%, IT up by 1.56%, TECK
up by 1.55% and Utilities up by 1.07%, while Auto was down by 0.65%, Capital
Goods down by 0.37% and Bankex down by 0.06% were the only losing indices on
BSE.

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Major gainers from the Sensex pack were Reliance
Industries up by 3.51%, Bajaj Finserv up by 2.88%, Sun Pharma up by 2.35%, HCL
Tech up by 2.08%, TCS up by 1.98%, Infosys up by 1.96%, Asian Paints up by
1.94% and Tata Steel up by 1.72%.

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Among the losers were HDFC down by 1.69%, Power Grid Corp
down by 1.51%, Hindustan Unilever down by 1.03%, HDFC Bank down by 0.80%, Kotak
Mahindra down by 0.49%, ICICI Bank down by 0.36% and M&M down 0.32%.

“High-frequency data like GST collection and PMI
have shown a good start to FY23. Crude prices have declined to provide an edge
to the performance of the Indian market.

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“However, a lot will depend on the central bank’s
policy in India and US, which will be announced in the next two weeks,”
said Vinod Nair, Head of Research at Geojit Financial Services.

The rupee slipped by 10 paise to close at 77.60 against
the US dollar.

Asian market peers in Tokyo, Hong Kong and Seoul ended
lower, while Shanghai settled in green.

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European markets were trading higher during the afternoon
trade. US stock markets ended lower on Wednesday.

Brent crude, the international oil benchmark declined
2.21% to USD 113.7 per barrel.

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According to stock exchange data, foreign institutional
investors (FII) offloaded shares worth a net Rs 1,930.16 crore on Wednesday.