Equity benchmark indices Sensex and Nifty recovered to settle over 1% higher on Thursday, on the back of buying in index heavyweights Reliance Industries, HUL and Infosys and an overall positive trend in global markets.

The BSE Sensex surged 701.67 points or 1.23% to settle at 57,521.06. During the day, it jumped 971.46 points or 1.70% to 57,790.85 on the expiry of derivatives contracts. The NSE Nifty closed 206.65 points or 1.21% higher at 17,245.05.

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On the sectoral front, power, FMCG, auto and capital goods settled with gains. The BSE midcap and smallcap also closed in the green.

Major gainers from the 30-share pack include Hindustan Unilever up by 4.55%, Asian Paints up by 3.18%, NTPC up by 2.67%, Power Grid up by 2.79%, Larsen & Toubro up by 2.47%, State Bank of India up by 2.02%, Infosys up by 1.94%, Axis Bank up by 1.81%, and Reliance Industries up by 1.49%.

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Among the laggards were Bharti Airtel down by 0.84%, M&M down by 0.54%, HCL Technologies down by 0.31% and HDFC Bank down by 0.12%.

The rupee gave away early losses to settle 4 paise higher at 76.53 against the US dollar.

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The gains in global markets helped the rally in domestic stocks. Asian markets in Tokyo, Hong Kong, Shanghai and Seoul ended with strong gains.

European markets were trading in the green in the afternoon session. US stocks also settled higher on Wednesday.

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International oil benchmark Brent crude fell 0.07% to USD 105.33 per barrel.

According to stock exchange data, foreign institutional investors continued their selling spree, offloading shares worth Rs 4,064.54 crore on Wednesday.