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Sensex, Nifty Rise Over 1%

Indian shares rose sharply on Thursday to close at four-month highs, with information technology companies and automakers pacing the gainers.

IT stocks gained ground as U.S. democratic presidential candidate Joe Biden vowed to immediately lift the curbs on H-1B and other work visas extensively used by Indian professionals if he wins the race to White House in November.

Auto stocks advanced after many companies reported improvement in auto sales for June.

Global cues were also supportive as encouraging news on a vaccine for Covid-19 as well as upbeat manufacturing PMI data across the globe helped revive hopes for a quick economic recovery.

The benchmark S&P BSE Sensex climbed 429.25 points, or 1.21 percent, to 35,843.70, while the broader NSE Nifty index ended up 121.65 points, or 1.17 percent, at 10,551.70.

Mahindra & Mahindra shares soared 6.4 percent after the company reported a 12 percent rise in June tractor sales.

Hero MotoCorp rallied 5.2 percent. The company said it had sold a total of 4,50,744 units of two-wheelers in June 2020, compared to 1,12,682 units dispatched in May 2020.

In the IT sector, TCS, Infosys and HCL Technologies jumped more than 3 percent each.

Railway-linked stocks also posted strong gains after the Ministry of Railways invited proposals from the private companies to run passenger trains.

IRCTC, Ircon International, Titagarh Wagons and Rail Vikas Nigam advanced 4-8 percent. Texmaco Rail & Engineering shares jumped as much as 13.2 percent.

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