Indian equity markets surged on Thursday, with the key Sensex index gaining over 482 points, on expectations that the central bank will cut interest rates by at least 100 basis points at its meeting on Saturday in an effort to stimulate the economy. The rally was led by stocks in the real estate, metal, capital goods and oil and gas sectors. However, one analyst noted that the stimulus measures will take a long time to have an impact and the overall economic situation remains negative.