The Sensex rose more than 450 points in early trade on Thursday, amid a bullish trend in global markets, as the US Federal Reserve suggested that it may begin reducing its extraordinary economic support measures later this year.

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The 30-share Sensex was up 487.42 points, or 0.83 percent, to 59,414.75. Similarly, the Nifty rose 142.50 points, or 0.81 percent, to 17,689.15 in early trade.

Axis Bank led the Sensex pack with a roughly 2% increase, followed by Tata Steel, Bajaj Finserv, SBI, Reliance Industries, HDFC Bank, and Kotak Bank. On the other hand, Titan and Tech Mahindra were the losers.

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The 30-share index fell 77.94 points, or 0.13 percent, to end at 58,927.33, while the Nifty fell 15.35 points, or 0.9%, to 17,546.65 in the previous session.

According to provisional exchange statistics, Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday, offloading shares worth Rs 1,943.26 crore.

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US equities closed substantially higher in the overnight session following the Federal Reserve’s decision to maintain its huge USD 120 billion monthly asset purchase program to stimulate the economy, according to Binod Modi, Head-Strategy at Reliance Securities.

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The Federal Reserve Chair, Jerome Powell, stated that if the employment market continues to strengthen, the Fed would begin to reduce its monthly bond purchases as early as November.

Powell hinted that the Central Bank may announce a reduction in its asset purchase program at its November policy meeting and may begin raising interest rates in 2022, as markets had anticipated.

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“In our view, investors may continue to take comfort out of the FOMC meeting in the context that there is no final time frame yet to cut or stop asset purchase programs,” he noted.

Domestic stocks appear to be doing well at the moment, he said, adding that the positive conclusion of the FOMC meeting and the apparent easing of mounting fears over probable Evergrande defaults should generally provide reassurance to global markets.

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In other Asian markets, Shanghai and Hong Kong bourses were up in mid-session trade, while Seoul was down. The Japanese market was closed.

The international oil benchmark Brent crude rose 0.25 percent to USD 76.38 per barrel. Rupee rises 9 paise to 73.78 against US dollar in early trade.