Sensex breaches 32,000; Nifty nears 9,900

RSTV Bureau

sensex-up-400x265The markets are on a roll. Sensex and Nifty continued its upward streak on Thursday. The 50-share index crossed 32,000 for the first time in it’s history, gaining about 232 points.

Nifty too gained more than 75 points to finally end the day at 9892 points. Through the day, Nifty hovered around 9,870.

Sensex hit an all-time high of 32,020 in opening trade, and finally ended the higher at 32,037.

The new high comes just a day after retail inflation fell to a record low of 1.54 per cent for the month of June. The drop in food prices raised speculation that the Reserve Bank could go in for rate cut next month.

Thus, banking stocks surged, pushing the Sensex past 32,000 and the Nifty closer to 9,900. ICICI Bank, Axis Bank, L&T, ITC and NTPC were some of the major gainers.

The Indian markets also mirrored the high in the US markets. The Dow Jones Industrial Average hit a record high on Wednesday, shooting up 166 points. The NASDAQ also rose over 50 points.

The US markets surged after US Fed chief Janet Yellen said the bank would soon start unloading part of the $4.5 trillion in securities it purchased during the financial crisis.

Major Asian markets are also trading up to 1.2 per cent higher.

On Wednesday, Sensex advanced by 57 points to end at all-time high of 31,804.82 and the Nifty closed above the 9,800-mark for the first time as banking, oil & gas and auto stocks advanced.