Say hi to 32,000
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Sensex closes above 32,000 for the first time ever, triggering hopes of a rate cut.
It was a thrilling thursday on Dalal Street as the sensex closed above the 32,000 mark for the first time ever. It rose 232.6 points to close above that record high. This has triggered hopes of a rate cut by the reserve bank ahead of its monetary policy in August ,keeping in mind the low inflation figure of 1.54% for the month of June and the growth in industrial production which fell to a three-month low for the month of May.
The Nifty too soared, fell short of the 9,900-mark but scaled a new peak of 9,897.25 .It closed at 9,891.70 for the day.
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Global stock markets too supported this rise after Chair Janet Yellen in her testimony before the US Congress, hinted at slower-than-expected rate hikes going ahead.
Heavyweights like ITC,HDFC BANK,ITC AND L&T rallied the most with support from the BSE FMCG INDEX which rose 1.6%. ITC advanced 1.63%, L&T, ICICI BANK were up 1.55 and 1.5% respectively.
Now the sensex has rallied quite a bit from the lows seen in November by the double blows of Trump’s Victory and Demonetization had hit Dalal Street.
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