The Sensex rose 580 points on Thursday, boosted by strong purchasing in IT, financial, and banking companies amid a strong trend in global markets.

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In early trade, the Sensex was 581.26 points, or 0.99%, higher at 59,398.55. Similarly, the Nifty rose 159.80 points, or 0.91%, to 17,694.55.

The morning session saw advances for all of the Sensex components. Tech Mahindra led the group with a rise of more than 3%, followed by Wipro, Infosys, ICICI Bank, IndusInd Bank, TCS, Bajaj Finserv, and Bajaj Finance.

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On Wednesday, the Sensex fell 35.78 points, or 0.06%, to 58,817.29, while the Nifty rose 9.65 points, or 0.06%, to 17,534.75.

The foreign institutional investors (FIIs) bought shares worth a net Rs 1061.88 crore, while domestic institutional investors (DIIs) sold shares worth a net Rs 768.45 crore in the Indian equity market on August 10, as per provisional data available on the NSE.

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According to traders, the increase in domestic equity markets was fueled by a strong trend in global equities, particularly US indices, and a subsequent bounce in Asian indices.

Wall Street stocks climbed substantially on Wednesday as data indicated that inflation in the United States fell more than expected in July, implying that the Federal Reserve may be less aggressive in raising interest rates.

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In other Asian markets, Shanghai, Hong Kong, and Seoul were trading higher in mid-session trades, while Tokyo was down.

International benchmark Brent crude prices were down 0.23% at USD 97.18 per barrel. In early trade, the rupee dips 6 paise to 79.31 against the dollar.