“Maybe the point to ponder over is a 25 basis points (bps) or 50 bps cut. This is likely to provide a support to the range-bound correction led by FIIs (Foreign Institutional Investors) on global volatility,” Nair added.

The S&P BSE automobile index augmented by 158.97 points, followed by oil and gas index which gained by 94.53 points, metal index increased by 75.09 points, bank index was higher by 54.45 points and FMCG index was up by 18.66 points.

The S&P BSE IT index receded by 75.35 points, consumer durables index lost 41.97 points, capital goods index declined by 28.02 points, healthcare index fell by 24.45 points and TECK index was down by 19.64 points.

The major Sensex gainers on Thursday were: Hindalco Inds, up 2.92 percent at 137.40; State Bank of India (SBI), up 2.37 percent at 280.65; Bajaj Auto, up 1.87 percent at 2,165; Mahindra and Mahindra (M&M), up 1.71 percent at 1,226.05; and Tata Steel, up 1.70 percent at 365.65.

The losers were: Vedanta, down 1.65 percent at 214.30; Sun Pharma, down 1.12 percent at 944.70; Infosys, down 1.09 percent at 1,934.55; Wipro, down 1.04 percent at 536.50; and HDFC, down 0.92 percent at 1,208.30.

Among the Asian markets, Japan’s Nikkei was lower by 0.98 percent, while China’s Shanghai Composite Index moved up by 0.07 percent and Hong Kong’s Hang Seng was higher by 0.14 percent.

In Europe, London’s FTSE 100 was marginally down by 0.09 percent. France’s CAC 40 was slightly higher by 0.03 percent and Germany’s DAX Index gained 0.13 percent at the closing in the Indian markets.