Markets surge on monsoon, rate-cut hopes: Benchmark indices closed higher for second straight session supported by broad based rally among the front-liners on anticipation that RBI may slash the key policy rate in the upcoming monetary policy review on June 2, 2015. Further, well-timed monsoon forecast and slowdown in foreign funds outflows has lifted the trading sentiments. The 30-share Sensex ended 363 points higher at 27,687 and the 50-share Nifty gained 111 points to close at 8,374. The market breadth indicating the overall health of the market was positive. In overseas markets, European stocks edged higher on the back of some robust corporate earnings. Asian stocks were mixed.