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Sensex Soars 645 Points; Nifty Ends Above 11,300

Indian shares rallied on Wednesday to snap a six-session losing streak, with banks and automakers leading the surge.

The benchmark S&P BSE Sensex jumped as much as 645.97 points, or 1.72 percent, to 38,177.95 while the broader NSE Nifty index ended the session up 186.90 points, or 1.68 percent, at 11,313.30.

UltraTech, SBI, Bharti Airtel, Infratel and IndusInd Bank jumped 5-6 percent while Yes Bank shares tumbled 5.2 percent on profit taking on the back of heavy volumes.

IT bellwether TCS dropped 1.3 percent ahead of its earnings results on Thursday while Infosys shed 0.7 percent and HCL Technologies lost 2.2 percent.

Indiabulls Ventures rallied 10 percent on share buyback news.

Aurobindo Pharma advanced 3.2 percent. Issuing a clarification on US FDA inspection at its Unit 7 manufacturing facility, the company said the unit has received seven observations but none of them are related to data integrity.

Globally, Asian markets fell broadly as hopes for a resolution to the U.S.-China trade dispute faded, offsetting comments by Fed Chair Jerome Powell about expanding balance sheet.

Trade optimism waned after the Trump administration imposed visa restrictions on Chinese officials and also expanded its trade blacklist to include some of China's top artificial intelligence startups.

The Trump administration is also moving ahead with discussions around possible restrictions on capital flows into China, with a focus on investments made by U.S. government pension funds, Bloomberg reported.

European stocks rebounded as focus shifted to earnings and the British government signaled that it intends to bring a revised Brexit deal back to Parliament.

According to a report in The Times, the EU is ready to make a major concession on a Brexit deal by providing a mechanism for the Northern Irish assembly to leave a new Irish backstop after a set number of years.

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