Indian equity benchmarks Sensex and Nifty surged over 1% on
Wednesday amid foreign funds turning net buyers of domestic equities after a
long gap and a positive opening in European stock markets.

The BSE Sensex climbed 616.62 points or 1.16% to settle at
53,750.97, During the day, it jumped 684.96 points or 1.28% to 53,819.31. The
NSE Nifty surged 178.95 points or 1.13% to 15,989.80.

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The broader indices ended in green with the BSE Mid cap
index up by 1.76%, while the Small cap index was up by 0.94%. On the sectoral
front, Auto was up by 2.73%, Consumer Disc was up by 2.47%, FMCG was up by 2.45%,
Consumer Durables was up by 2.42% and Realty was up by 2.39%, while Energy was
down by 0.27% and Metal down by 0.25% were the only losing indices on BSE.

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Major gainers from the Sensex pack were Bajaj Finserv up by
4.54%, Bajaj Finance up by 4.51%, Hindustan Unilever up by 4.01%, Maruti Suzuki
up by 3.48%, Asian Paints up by 3.45%, Titan Company up by 3.21%, Kotak
Mahindra up by 2.55%, Nestle up by 2.33%, Mahindra up by 2.08% and UltratTech
Cement up by 1.74%.

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Among the laggards were Power Grid Corp down by 1.63%, NTPC
down by 1.03%, Reliance down by 0.87%, Larsen down by 0.50%, and Tata Steel
down by 0.22%.

The rupee recovered from its all-time low to close 3 paise higher at 79.30 against the US dollar.

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In the previous session, the BSE Sensex had declined 100.42
points or 0.19% to settle at 53,134.35. The Nifty slipped 24.50 points or 0.15%
to 15,810.85.

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“According to preliminary data made public on the NSE,
FIIs became net purchasers on July 5 for the first time since May 30,
purchasing shares worth Rs 1,295.84 crore,” Mohit Nigam, Head – PMS at Hem
Securities, said.

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In the Asian markets, Tokyo, Shanghai, Hong Kong, and Seoul
ended lower on Wednesday. European stock markets were trading higher in
mid-session deals. The US exchanges ended mostly higher on Tuesday.

Brent crude, the international oil benchmark jumped 2.43%
to $105.3 per barrel.

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According to stock exchange data, foreign institutional
investors (FIIs) turned net buyers for the first time since May 30, buying
shares worth Rs 1,295.84 crore on July 5.