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The S&P BSE Sensex surged over 300 points in morning trade on Tuesday led by gains in ITC, Infosys, ICICI Bank, Axis Bank, L&T. The Nifty50 reclaimed its crucial resistance level of 7,050 supported by gains in IT, oil & gas, metal, capital goods, banks, and auto stocks. 

Indian bonds and the rupee rallied on Monday after Finance Minister Arun Jaitley said the government would stick to its fiscal deficit target for 2016/17, raising expectations the Reserve Bank of India (RBI) may cut interest rates before its next policy review in April.The benchmark 10-year bond yield ended down 16 bps at 7.62 percent, after falling as much as 18 bps intraday, the lowest since Jan. 22. The 10-year benchmark bond yield posted its biggest single-day fall since June 8, 2015.