Indian stocks surge by 377 points on hopes of rate cut

Mumbai: S&P BSE benchmarks Sensex extended its gain for the second straight day, surging by another 377 points to end at 28,243.29 on persistent buying on hopes of rate by the Reserve Bank of India (RBI) on Tuesday coupled with higher global cues.
The benchmark indices have recouped most of their losses made on last Thursday after Indian Army claimed surgical strikes on some terror bases in Pakistan, escalating geopolitical tension.
Shares of consumer durable, metal, finance, banking, industrials, utilities and capital goods firmed up on good buying inquiries.
The Sensex resumed higher at 27,997.29 and hovered in a range of 28,273.02 and 27,919.89 before ending at 28,243.29, showing a gain of 377.33 points or 1.35 per cent. The NSE Nifty also rose by 126.95 points or 1.47 per cent to close at 8,738.10.
Meanwhile, manufacturing growth in India eased slightly amid a slower increase in new business orders while subdued inflationary pressure may prompt RBI to reduce key policy rate, a monthly survey said.
In overseas, Asian stocks rose as investors weighed the prospects of a further US interest rate hike and a report on business sentiment out of Japan. - PTI