The Nifty and Sensex began higher on Thursday, tracking bullish trends in global stock markets. In early trade, the Sensex rose 498.77 points to 54,249.74. The Nifty rose 149.7 points to 16,139.50.

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Titan, PowerGrid, M&M, Asian Paints, Kotak Mahindra Bank, Wipro, and ICICI Bank were among the Sensex gainers. The laggards were Reliance Industries, Bajaj Finserv, Hindustan Unilever, Nestle, Maruti Suzuki India, and Bharti Airtel.

On Wednesday, the Sensex rose 616.62 points, or 1.16%, to 53,750.97. The Nifty rose 178.95 points, or 1.13%, to 15,989.80.

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Other Asian markets were trading higher in Tokyo, Seoul, and Shanghai, while Hong Kong was trading down. The US stock market finished higher on Wednesday.

“The sharp correction in crude, commodities like metals, and declining trend in edible oil indicate that inflation will come under control soon. Taking cues from these indicators, the bulls have again turned buyers and the near-term structure of the market has turned clearly bullish now,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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“The crash in commodities and RBI’s latest initiatives to increase foreign currency inflows have the potential to arrest further depreciation in rupee. This means FIIs are unlikely to sell more. This is positive for markets,” he added.

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The Reserve Bank of India (RBI) lifted overseas borrowing limits for corporations and liberalised rules for foreign investments in government bonds on Wednesday, as part of a flurry of steps aimed at increasing foreign exchange inflows and containing the rupee’s decline.

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According to exchange statistics, foreign institutional investors sold shares worth Rs 330.13 crore in the capital market on Wednesday after taking a day off.

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Meanwhile, Brent crude, the international oil standard, rose 0.79% to USD 101.49 per barrel. The rupee fell 12 paise to 79.06 against the US dollar in early trade on Thursday, as the US Federal Reserve’s hawkish stance raised the likelihood of another rate hike this month.