MUMBAI: Indian stocks surged with the rupee while bonds slumped after the government unexpectedly slashed the corporate tax rate to boost economic growth.
The Sensex jumped 5.2%, poised for its best gain since May 2009, led by banks and automakers. The rupee climbed 0.6% against the dollar. The yield on 10-year bonds surged 20 basis points, the most for the benchmark notes since Feb. 2017, to 6.85%.
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