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BENGALURU: Indian shares closed higher on Tuesday, led by financials and information technology stocks, as rising expectations of an aggressive rate cut by the U.S. Federal Reserve in September boosted sentiment and spurred a global equities rally.

The NSE Nifty 50 index rose 0.51% to 24,698.85, and the S&P BSE Sensex settled 0.47% higher at 80,802.86.

Other Asian markets also logged gains, with the MSCI ex-Japan gaining 0.3%, while most European markets opened higher.

“Last week’s positive macro releases from the U.S. has resulted in a sharp turnaround in sentiment, reflecting across all regions, Europe and Asia,” said analysts led by Chris Montagu of Citi Research.

Eleven of the 13 major sectors logged gains. The broader, more domestically focused small- and mid-caps rose about 0.5% and 0.8%, respectively.

The heaviest weighted financial services, banks and private banks added 0.8%-1.2%

Indian shares flat as financials offset gains in energy, metals

IndusInd Bank gained 2.5% after central bank approval to set up a wholly-owned asset management business of mutual fund.

IT companies, which earn a significant share of their revenue from the U.S., rose 0.81% and hit a record high.

Investors await the minutes of the latest Fed policy meeting and Fed Chair Powell’s address due later in the week, for clues into the U.S. rate cut trajectory

“The outlook remains positive for Indian equities” despite a 1.5% drop in benchmark indexes from record high levels hit on August 1, said Sonam Srivastava, founder and fund manager at Wright Research.

The time correction in first half of August has provided an opportunity for investors to rebalance portfolios and identify potential entry points, Srivastava added.

Polycab India and KEI Industries gained 2.56% and 7.62%, respectively, after UBS initiated coverage on the stocks with a “buy” rating, terming them “leading beneficiaries of long-term electrification growth.”

Mazagon Dock tumbled 9%, taking its losses in three sessions to 14%, after ICICI Securites termed it “overvalued” and estimated a 77% downside over 12 months.

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