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Closing Bell: Sensex surges 500 points, Nifty at 17,790; Titan, Tata Motors jump

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The Indian share market closed almost 1 percent higher on Thursday led by buying in metal and realty stocks. Sensex closed 488 points higher at 59,677, and the Nifty50 index surged 144 points to end at 17,790.

Closing Bell: Sensex surges 500 points, Nifty at 17,790; Titan, Tata Motors jump
The Indian equities closed higher Thursday ahead of the Reserve Bank's monetary policy meeting decision on Friday. The benchmarks rebounded amid positive global cues and strong quarterly updates from companies.
The 30-scrip Sensex closed 488 points higher at 59,677, and the Nifty50 index surged 144 points to end at 17,790. The broader markets supported the rally as midcaps closed almost 2 percent higher and smallcaps surged 1 percent. The midcap index surged 570 points to post a record close of 31,304.

Market breadth currently favours advances and the advance-decline ratio stood at 5:2 -- meaning, for every 2 stocks that declined, 5 rose.

Among the 50 stocks on Nifty, Tata Motors, Titan, M&M, Maruti, and Eicher Motors lead the gains, as each scrip rose over 3 to 12 percent higher. Leading the losses were ONGC, Dr Reddy, Coal India, Britannia, and Divi's Lab.
Among sectors on NSE, a strong rally was seen in Nifty Auto, Realty, and Consumer Durables indices. The auto index surged over 4 percent on expectations of strong festive demand. Realty stocks were up 6 percent on strong quarterly updates.
, and consumer durables rallied 5 percent. Banking, IT, and financial services indices also witnessed heavy buying. Nifty Bank gained over 230 points to 37,753, to which ICICI Bank contributed over 50 percent. Bandhan Bank closed with a gain of 7 percent on a positive note from Goldman Sachs.
The media and metal sector rallied over half a percent. However, the oil and gas index closed in the red as both ONGC and GAIL witnessed profit booking and slumped 4 percent.

Strong quarter updates sent jewellery stocks surging with Titan at the helm as it clocked record highs. IT shares rose ahead of earnings updates, TCS and HCL were up 2 percent whereas Infosys and Wipro closed 1 percent higher each.

Globally, stock markets got their foot back on the gas as hopes grew Washington could resolve its debt-ceiling squabbles and a global drop in energy prices tempered deepening fears of "stagflation".
Europe's bourses rallied off 2-1/2-month lows as easing oil and gas prices offered relief. The pan-European STOXX 600 index rose over 1 percent in broad-based buying to reverse weekly losses, with miners, utilities and carmakers all driving higher.
Oil was down more than 2 percent and gas prices dropped more than 3 percent, helping European gas futures fall back from record highs. Gas prices are up more than fivefold since the start of the year, and the huge increase over recent weeks has attracted attention from policymakers across the world.
MSCI's broadest index of Asia-Pacific shares outside Japan closed up almost 2 percent higher, its biggest one-day rise since August. Hong Kong led Asia's gains with a 3 percent bounce off a year low. Japan's Nikkei rose half a percent and snapped losses worth a week.
(With inputs from Reuters)
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