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The S&P BSE Sensex rallied as much as 116 points in trade on Tuesday, led by gains in metals, technology and banks on the back of positive cues from Asian peers. According to analysts, the near-term trend is positive for the market and the benchmarks are expected to breach previous highs ahead of the Budget Session. 

The International Monetary Fund sees India as world's fastest growing major economy in FY17. It sees Indian economy growing at 6.3 per cent in FY16 and 6.5 per cent in FY17. Meanwhile, it has cut 2015 global growth forecast to 3.5 per cent from 3.8 per cent.

 
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