Sensex, Nifty Bounce Back On Rate Cut Hopes

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    Benchmark indices gained ground in trade on hopes that there would be an interest rate cut by the Reserve Bank of India (RBI) in its forthcoming policy meet after CPI inflation fell sharply.

    Sensex, Nifty Bounce Back On Rate Cut Hopes
    The Sensex was trading with gains of 330 points, while the Nifty rallied 109 points in trade. Comments by Moody's that India's reforms will improve the sovereign's credit profile over the next several quarters also helped improve sentiments.

    Banking stocks were the top gainers in trade on hopes of the rate cut. Union Bank of India was the leading gainer from the banking space along with Axis Bank, ICICI Bank, Bank of Baroda and State Bank of India.

    Software stocks also rallied in trade following a drop in the value of the rupee. HCL Tech, Infosys and TCS were among the gainers in trade.

    Sun Pharma Advanced Research Company climbed almost 2 per cent after the company's board approved a Rs 250 crore rights issue of shares.

    Mid cap stocks also gained ground in trade with Jubilant Food and IDBI Bank among the gainers in trade.

    Metal stocks were very weak in trade with Hindalco and Vedanta among the losers.

    Meanwhile, most of the Asian markets were trading higher, except the Shanghai Composite which fell in trade.

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