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Sensex Jumps 637 Points; Nifty Reclaims 11,000-mark

Indian shares posted strong gains on Thursday as investors cheered reports suggesting that the government may restructure the budget proposal of a super-rich tax surcharge on foreign portfolio investors (FPIs).

A proposal to grandfather all income generated by FPIs till the presentation of the Union Budget on 5 July is being considered, which will reduce the impact of the new taxation by almost a third, the reports said.

A rise in global markets also offered some support. Markets elsewhere across Asia and Europe rose today as the yuan steadied after a week of turmoil and China reported unexpectedly strong export numbers for the month of July.

China's exports rose 3.3 percent in the month, compared to forecasts for a 2 percent drop. On the other hand, imports fell 5.6 percent, less than the expected 8.3 percent decline.

Closer home, the benchmark S&P BSE Sensex ended the session up as much as 636.86 points or 1.74 percent at 37,327.36 while the broader NSE Nifty index climbed 176.95 points or 1.63 percent to 11,032.45.

BPCL, Reliance Industries, JSW Steel, Tata Motors and HCL Technologies rallied 4-7 percent while UltraTech, Cipla and Tata Steel lost 2-4 percent.

Tata Steel slumped a little over 4 percent after it reported a 64.5 percent year-on-year (YoY) decline in its consolidated net profit for the first quarter ended June.

UltraTech Cement declined 2.3 percent despite the company reporting robust earnings.

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