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Sensex Gains 362 Points; Nifty Tops 11,200

Indian shares rose sharply on Thursday after the Reserve Bank of India (RBI) left interest rates unchanged, as widely expected, and maintained an accommodative stance as long as it is necessary to revive growth and mitigate the impact of Covid-19 on the economy.

Analysts said that additional measures to enhance liquidity support and restructuring of loans for stressed MSMEs will help lending banks as well as small businesses.

Meanwhile, RBI Governor Shaktikanta Das didn't give any indication on the loan moratorium which ends this month.

The benchmark S&P BSE Sensex jumped 362.12 points, or 0.96 percent, to 38,025.45, while the broader NSE Nifty index ended up 98.50 points, or 0.89 percent, at 11,200.15.

UPL, Bajaj Finance, GAIL, Infosys and Tata Steel rose 3-4 percent in the Nifty pack, while Adani Ports, Shree Cement and Eicher Motors fell around 1 percent.

Tata Consumer products surged nearly 8 percent after reporting robust quarterly results. Prestige Estates' shares surged as much as 8.6 percent to pace gainers in the realty sector.

Globally, other Asian markets finished mostly higher, though underlying sentiment remained cautious on concerns about the bleak economic outlook as the number of Covid-19 cases continued to rise.

European stocks gave up early gains to turn lower after the Bank of England held interest rates steady and maintained its existing level of asset purchases, as widely expected, but forecast a slower post-pandemic economic rebound in the U.K.

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