India's Sensex jumps over 300 points; Reliance Industries, Sun Pharma climb

Indian shares gained more than 1 percent on Thursday, tracking Asian shares following all-time highs for the U.S. stocks after minutes showed caution at the Federal Reserve over the timing of future rate hike.

india trader
Reuters

Indian shares gained more than 1 percent on Thursday, tracking Asian shares following all-time highs for the U.S. stocks after minutes showed caution at the Federal Reserve over the timing of future rate hike.

Asian stocks were near a decade high on Thursday, riding the bull run in global equity markets, while the dollar sagged.

MSCI's broadest index of Asia-Pacific shares outside Japan rose to its highest since December 2007 and was last up 0.2 percent.

Fed officials debated hard last month over whether forces holding inflation down were persistent or temporary, with several policy makers looking for stronger evidence of price gains before supporting a third interest-rate increase this year.

The S&P BSE Sensex gained 1.09 percent at 32,182 while the broader NSE Nifty rose 1.1 percent to 10,096.

Among the top Sensex gainers: Reliance Industries rose 3.8 percent, Sun Pharma added 2.6 percent, Axis Bank gained 1.8 percent while Tata Consultancy Services advanced 2 percent.

Indiabulls Real Estate jumped 3 percent after the company said it will buy Singapore listed IPIT's unit at S$0.90 each.

Sun Pharmaceuticals Industries advanced 2.6 percent after the U.S. Food and Drug Administration cleared its manufacturing facility at Dadra.

Indusind Bank gained 1.5 percent after the bank said its second-quarter profit rose 25 percent to Rs 880 crore.

Shares of Zen Technologies rose 4 percent after the company said it has signed an export order worth Rs 64 crore for lvie and virtual combat training systems.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

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