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India Inc is hopeful that the Reserve Bank of India (RBI) would bring down repo rates to seven percent from the current eight percent and create a mechanism to monitor banks’ lending, according to an industry lobby survey.

The survey, carried out by the Associated Chambers of Commerce and Industry of india (Assocham) among 105 chief executive officers (CEOs) and managing directors, said 77 percent of the participants were of the view that the RBI would further cut repo rates, the interest charged on borrowings by commercial banks, by 100 basis points to calm down volatility in domestic markets.

The recent slash of 100 basis points in repo rate was ‘a welcome move but we expect the bank to complement the move with further rate cut in the coming policy review,’ Assocham president Sajjan Jindal said.

‘The survey suggests that reasonable liquidity has already been infused into financial system as thousands of India Inc’s applications are pending with banks for sourcing loans. This fear psychosis needs to be removed from banking system with constant monitoring from the RBI on banks extending loans,’ the survey report said.

According to the report, 54 CEOs expected a 100-basis-point cut, while 27 CEOs said the RBI would slash it by 50 basis points.

Of the total respondents, 63 percent maintained that the repo rate at eight percent was still at higher level when compared to the rest of the world.

They said a further rate cut would boost the industrial growth and help foster employment prospects.

‘The industrial growth this fiscal has been a worrying factor for the economy. The industrial growth as shown by the Index of Industrial Production for August has slowed down to 1.3 percent, one of the worst performances on record,’ the report said.

The central banks across the world have taken unprecedented actions by cutting their key interest rates to significantly lower levels to deal with financial crisis. The RBI has followed suit with a 250-basis-point cut in the cash reserve ratio and a 100-basis-point cut in the repo rate.

The BSE Sensex rose 4.5 percent on Tuesday, taking gains this week to 7.1 percent, as battered stocks were snapped up by investors boosted by a Reserve Bank of India (RBI) rate cut and emerging hopes of an easing in the credit crisis.

But caution remained on the near-term outlook on lingering worries about the impact of a global economic downturn on corporate earnings and selling by foreign portfolio investors.

Reliance Industries, financials such as ICICI Bank and outsourcers such as Infosys Technologies and Tata Consultancy Services powered the gains.

“We need to see if this rally will last long,” said K.K. Mital, head of portfolio management services at Globe Capital.

“The problems are not over yet, although it may appear that the severity of the problem is reducing.”

The main 30-share BSE index closed up 460.30 points at 10,683.39, posting its biggest percentage rise since Oct. 13, with all but two components rising. The index rose as much as 5.2

percent during trade.

Still, the index is down more than 47 percent this year. A key factor in the fall has been foreign funds selling a net $12 billion of stocks this year after having bought a record $17.4 billion in 2007.

“We are going from a phase of absolute uncertainty to a phase which is looking little better,” said Gajendra Nagpal, chief executive at Unicon Financial. “The build-up has to be slow after

the scare, but I expect by January we will touch 12,000 or so.”

World stocks climbed for the third day in a row on Tuesday as investors bet governments would succeed in ending the credit crisis and in controlling the global economic downturn.

India’s RBI cut its repo rate for the first time in 4-½ years on Monday, slashing it by 100 basis points to 8.0 percent, and traders expected it to lead to lower interest rates

for corporates and consumers.

Shoring up India against a global recession has overtaken taming double-digit inflation as the government’s prime economic objective ahead of state polls in coming months and national

elections next year, analysts said.

Reliance, India’s most valuable listed firm, rose 5.7 percent to 1,397 rupees, its biggest gain since Sept. 19. The stock has lost more than half its value in 2008.

No. 2 bank ICICI Bank gained 4.9 percent to 431.10 rupees, lifted by a rally in financials in overseas markets. State Bank of India rose 3.8 percent to 1,489.25 rupees and the sector index ended up 2.6 percent.

Outsourcers extended gains on hopes fresh government measures would boost the ailing U.S. economy, their largest export market. Infosys gained 3.9 percent to 1,348.35 rupees, and sector leader. Tata Consultancy jumped 12.9 percent to 561.10 rupees. Both stocks posted their strongest closes in a week.

In the broader market, 1,618 gainers outpaced 977 losers on volume of 261 million shares.

The broader 50-share NSE index rose 3.59 percent to 3,234.90.

STOCKS THAT MOVED

* NIIT Ltd rose 8.4 percent to 32.85 rupees after the computer education provider reported a 41 percent rise in September quarter consolidated profit to 297 million rupees.

* No. 5 mobile operator Idea Cellular dropped 12.5 percent to a record low close of 54.05 rupees after it reported a 35 percent fall in quarterly net profit on network expansion costs.

* Jaiprakash Associates Ltd jumped 16.3 percent to 78.70 rupees after its quarterly net profit nearly doubled to 2.03 billion rupees. The firm’s board approved a rights issue to raise 18 billion rupees.