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Sensex Soars 489 Points On Dovish Fed Stance; Nifty Climbs Above 11,800

Indian shares rose sharply on Thursday, taking cues from firm global markets after the U.S. Federal Reserve hinted at a rate cut in the near future to boost growth in the world's largest economy amid growing uncertainties.

Hopes of a breakthrough in U.S.-China trade talks at next week's G20 summit in Japan also underpinned sentiment.

The benchmark 30-share BSE Sensex fluctuated over 700 points before ending the session up by 488.89 points or 1.25 percent at 39,601.63. The broader Nifty index rose by 140.30 points or 1.20 percent to 11,831.75.

Yes Bank shares soared 11.4 percent, a day after the bank's new Managing Director and CEO Ravneet Gill said that many of the issues at the troubled private sector lender will be addressed by next quarter.

Indiabulls Housing Finance jumped 8.6 percent on the buzz the company will conduct a buyback of all non-convertible debentures (NCDs) maturing in July and August totaling Rs 2,285 crore.

JSW Steel, Sun Pharma and IndusInd Bank climbed 3-4 percent while IT stocks such as Tech Mahindra and Wipro dropped 1-2 percent.

UPL slumped 8.5 percent after brokerage house HSBC Research raised concerns on declining soyabean demand, citing U.S.-China trade tensions, events like ASF and the rising U.S. exports to the EU and other countries.

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