Markets Spiking: Indian Companies and Indian Rupee

markets spiking: Indian companies will be taxed at a rate of 22% instead of 30%, the government announced Friday, according to CNN. The Indian rupee also strengthened after the news, jumping 0.5% to trade at 70.95 per US dollar. India's benchmark Sensex index surged 5.3%, after a cut to the country's corporate tax rates sent its markets spiking. Other major regional markets were broadly higher after the Chinese central bank cut a key lending rate, making it cheaper for companies to borrow. It was the second small rate cut cut in two months, as China tries to prop up its flagging economy. Japan's Nikkei N225 rose 0.2%. South Korea's Kospi KOSPI gained 0.5%. China's Shanghai Composite Index SHCOMP added 0.2%. But Hong Kong's Hang Seng Index HSI erased earlier gains, edging down 0.2%. Earlier in the day, the People's Bank of China set the one-year Loan Prime Rate at 4.2%, down from 4.25% in August. (news.financializer.com). As reported in the news.