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The BSE Sensex rallied over 300 points on sustained buying in realty, telecom, banking, energy and consumer durables counters, ahead of US Federal Reserve's key policy outcome scheduled later in the day. Bouts of short-covering and firm cues from Asian markets boosted investor sentiment here. The 30-share index was trading at 33,339.93 at 1100hrs, up 343.17 points, or 1.04 per cent.