** India's Nifty 50 .NSE and Sensex .BSESN rise 0.5% each in a broad-based rally; Reliance Industries RELI.NS is the top contributor to benchmark gains

** All 16 major sectors advance; small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 rise 1% and 0.7%

** Consumer stocks .NIFTYFMCG up 1.1%, ahead of GST Council meeting, where taxes could be lowered by at least 10 pct points

** Combination of likely tax cuts, easing inflation have lifted investor sentiment and could position India at cusp of its strongest consumption cycle in over a decade - Sonam Srivastava, investment manager and founder of Wright Research

** Reliance gains 2% after Morgan Stanley hikes price target

** Among other sectors, sugar stocks Balrampur Chini BACH.NS, Triveni Engineering TREI.NS, Shree Renuka SRES.NS surge as govt allows unrestricted ethanol output from sugarcane byproducts starting 2025/26

** Power Grid PGRD.NS advances 2.6% after Antique Stock Broking names it top large-cap power pick, citing demand recovery and attractive valuations

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))