Sensex surges 322 points on value-buying, rate cut hopes; GDP data eyed

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Mumbai: The benchmark BSE Sensex surged over 300 points on across-the-board buying in blue-chips by funds and retail investors on rate cut hopes and value-buying. Further, beginning of June series in the derivatives segment, supported the upside in stock prices.Traders said markets have broadly priced in a 25 basis points cut by the Reserve Bank of India at its policy review on Tuesday on the back of easing inflation and middling economic growth. The country is due to release January-March economic growth data later in the day. Although growth is expected to be faster than China, there are nagging doubts over the government’s new method of calculating the gross domestic product.The 30-share BSE index Sensex surged 321.73 points or 1.17 per cent at 27,828.44 and the 50-share NSE index Nifty jumped 114.65 points or 1.38 per cent at 8,433.65.

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