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Sensex, Nifty Extend Bull Run

Indian shares rose modestly on Thursday to extend their bull run after the government announced a Rs. 25,000-crore stimulus for the real estate sector and reports suggested that the United States and China have agreed to cancel tariffs on each other's goods for both sides to reach a "phase one" trade deal.

The benchmark S&P BSE Sensex rose 183.96 points, or 0.45 percent, to end at a new record closing high of 40,653.74, while the broader NSE Nifty index ended up 50.05 points, or 0.42 percent, at 12,016.10, its first close above 12,000 since June.

Metal stocks such as Vedanta, JSW Steel and Hindalco rose around 2 percent after China said the U.S. and China have agreed in the past two weeks to cancel tariffs imposed during their months-long trade war in different phases.

The proportion of tariffs cancelled must be the same, and how many tariffs should be cancelled can be negotiated, Gao Feng, spokesman at the Chinese commerce ministry, told reporters.

Sun Pharma rallied 3.4 percent after its Q2 profit meet Street estimates.

Indiabulls Housing Finance soared 8.6 percent after its board approved fundraising plan through issuance of non-convertible debentures and warrants.

Property developer Sobha climbed 2 percent, Indiabulls Real Estate jumped nearly 5 percent and Prestige Estates Projects added 1.9 percent after Finance Minister Nirmala Sitharaman announced measures to revive the housing sector.

On the flip side, UPL slumped 7.8 percent on eve of its earnings announcement later in the day. Yes Bank tumbled 3.6 percent after Moody's Investors Service placed its foreign currency issuer rating under review for downgrade.

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