Indian stocks rallied in trade on sharp surge across global markets, after weak data from the US dimmed the chances of an interest rate hike in the US this year.

Asian markets gained with the Shanghai Composite and the Hang Sang ending with gains of more than 2 per cent. European markets were also trading with solid gains with the German DAX and the french CAC up more than one per cent.

Indices

Metal and mining stocks once again saw renewed buying support with stocks like NMDC, Coal India and Tata Steel among the gainers.

Hindustan Unilever and TCS, which reported numbers that lagged estimates, continued to lose ground for a second day in a row.

Shares in Lakshmi Vilas Bank surged a huge 9 per cent, after its results beat expectations. However, another smaller private sector lender, DCB slumped a huge 13 per cent in trade, taking total losses to 33 per cent in two trading sessions.

Hindustan Zinc saw buying interest in trade after HSBC raised the price target on the stock. Meanwhile, the rupee was trading with strong gains at 64.80 to the dollar.

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