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Sensex Soars 558 Points; Nifty Reclaims 11,300

Indian shares rose sharply on Tuesday, mirroring firm cues from Asia and Europe as investors weighed the possibility of additional fiscal stimulus from the United States against rising coronavirus cases around the world.

Underlying sentiment was also supported by expectations for a dovish message from the U.S. Federal Reserve which starts a two-day policy meeting later today.

The benchmark S&P BSE Sensex ended the day up 558.22 points, or 1.47 percent, at 38,492.95, while the broader NSE Nifty index climbed 168.75 points, or 1.52 percent, to 11,300.55.

UltraTech Cement shares soared 7 percent after the company reported a drop in quarterly profit but said it had "emerged stronger and well prepared" in the wake of the coronavirus pandemic.

The company also said that its capital and financial resources remain entirely protected and its liquidity position is adequately covered.

Among other prominent gainers, Tata Motors, Grasim, TCS and Kotak Mahindra Bank rallied 4-5 percent.

Tech Mahindra advanced 3.7 percent after the IT services firm reported a 21 percent rise in net profit in the June quarter, aided by higher other income and low base in the previous quarter.

On the flip side, ONGC, Asian Paints, Nestle India, Infratel and ICICI Bank dropped 1-2 percent.

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