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Sensex, Nifty Rebound Amid F&O Expiry

Indian shares ended a choppy session sharply higher on Thursday despite Moody's Investors Service downgrading India's GDP growth forecast to 8.8 percent for 2022 from 9.1 percent projected earlier, citing high inflation.

Separately, SBI's research report Ecowrap, in its latest edition, projected India's GDP growth for FY22 to be at 8.2-8.5 percent. The government is scheduled to release Q4 FY22 GDP numbers on 31 May.

The benchmark S&P BSE Sensex jumped 503.27 points, or 0.94 percent, to 54,252.53, snapping a three-day losing streak.

The broader NSE Nifty index closed up 144.35 points, or 0.90 percent, at 16,170.15 as the latest FOMC meeting minutes offered few surprises.

The minutes indicated 50 basis point rate hikes in June and July to tame inflation while allowing Fed officials room for flexibility later in the year.

Financial, IT and metal shares topped the gainers list on eve of F&O expiry.

HDFC Bank, SBI, JSW Steel, Apollo Hospital Enterprises and Tata Steel climbed 3-5 percent in the Nifty pack, while Reliance Industries, Sun Pharma, Divis Laboratories and UPL dropped 1-2 percent.

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