Sensex Climbs 500 Points; Nifty Tops 15,550

Indian shares rose sharply in early trade on Thursday despite mixed global cues and the impending weekly F&O expiry.

Investors were also reacting to Federal Reserve Chair Jerome Powell's testimony in front of Congress and the minutes of the RBI's MPC meeting.

The S&P BSE Sensex climbed 500 points, or nearly 1 percent, to 52,319 while the broader NSE Nifty index was up 160 points, or 1 percent, at 15,573.

Automakers and banks were seeing big gains, with Maruti Suzuki India, Eicher Motors, ICICI Bank, Tata Motors and Hero MotoCorp rising 3-4 percent.

Bajaj Auto rallied 2 percent ahead of a board meet on June 27 to decide on share buyback proposal.

Vodafone Idea rose over 1 percent after raising Rs 436.21 crore from its U.K. parent.

ITC gained half a percent. The company said it would sell raw tobacco worth Rs. 1,990 crore to parent company British American Tobacco in 2022-23.

Allsec Technologies soared more than 6 percent on news it would merge with technology-enabled staffing and outsourcing services firm Quess Corp in an all-stock deal.

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