The Sensex and Nifty extended their winning streak on Thursday, rising about 3% in early trade, mirroring an overall optimistic trend in global markets.

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The 30-share BSE benchmark index began in the green and climbed 1,595.14 points, or 2.91%, to 56,242.47, maintaining its three-day gain. Similarly, the NSE Nifty advanced 411.95 points, or 2.52%, to 16,757.30.

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Axis Bank, State Bank of India, ICICI Bank, Indusind Bank, Maruti Suzuki India, and Hindustan Unilever Limited were the biggest gainers in early trade on the 30-share Sensex pack, gaining up to 4.85%.  Tata Steel, on the other hand, was the only laggard.

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In the previous trading, the BSE benchmark closed at 54,647.33, up 1,223.24 points or 2.29%, marking the largest single-day increase since February 25. The Nifty also gained 331.90 points, or 2.07%, to close at 16,345.35.

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“The outcome of the Uttar Pradesh election will be widely watched by markets because it will set the tone for how the ruling Bharatiya Janata Party approaches and prepares for the general elections in 2024,” according to Mohit Nigam, Head – PMS, Hem Securities. Counting of votes was underway on Thursday in the five states where assembly polls were held recently.

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In mid-session trades, bourses in Hong Kong, Tokyo, and Shanghai were trading in the green. On Wednesday, stock markets in the United States closed with significant gains.

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According to exchange statistics, foreign institutional investors maintained their selling binge in Indian markets on Wednesday, offloading shares worth Rs 4,818.71 crore on a net basis.

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Meanwhile, Brent crude, the international oil benchmark, rose 1.66% to USD 113 a barrel. In early trade, the rupee climbs 38 paise to 76.24 against the US dollar.