Indian Stocks opened sharply higher today welcoming the Reserve Bank of India’s surprise rate cut. Metals, real estate and banking stocks spearheaded the rally. National Stock Exchange’s benchmark Nifty soared 137 points or 4.76 per cent to 3023. Bombay Stock Exchange’s 30-share Sensex gained 421 points or 4.3 per cent 10209 from Friday’s close.

In a major move to inject an additional liquidity into the system, Reserve Bank of India on Saturday cut key deposit requirements for banks by 1 per cent and its short-term lending rate by 0.5 per cent, a decision that may help soften general.

Hong Kong’s Hang Seng climbed 5.32 per cent, Singapore’s Straits Times soared 5.09 per cent and South Korea’s Kospi rose 2.91 per cent. Japanese markets are closed for the Culture Day holiday.

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