Sensex crosses 32k, Nifty hit record close for fourth straight day

  • Sensex crosses 32k, Nifty hit record close for fourth straight day

Sensex crosses 32k, Nifty hit record close for fourth straight day

Indian stock markets hit a new lifetime high, with the benchmark Sensex gaining over 200 points to strike the new level of 32,000 points while the broader Nifty 50 advanced more than 50 points to hit a new all-time high of 9,885.65 points.

The BSE took 33 sessions to rise 1,000 points before it finally went beyond the psychologically significant 32,000.

Asian and European stocks were up after US Federal Reserve chief indicated a gradual approach to raising interest rates, triggering increased buying by investors.

"The Sensex touched the psychological 32000 mark on July 13 aided by expectations of a rate cut (post the low CPI and IIP numbers announced on July 12), good monsoons and overcoming the fears of disruption due to the introduction of GST", Deepak Jasani, Head - Retail Research at HDFC Securities told Moneycontrol.

Indiabulls Housing Finance, Bharti Airtel, Hindalco, ITC and Yes Bank rallied 2-4 percent in the Nifty pack.

The key domestic equity indices - S&P BSE Sensex and NSE Nifty - on Thursday scaled record highs on the back of positive global cues and hopes of an easing of the monetary policy. However, some profit-booking in recent gainers pulled the index down to a day's low of 31,731.43 points. Unlike in the past, banks & IT stocks did not contribute meaningfully to the latest rise.

The sectoral indices like Energy, Telecom and Oil & Gaskept the rally intact for the third day today, as they moved upby more than one per cent. Scrips of Hindustan Unilever, ONGC, SBI and ICICI Bank too boosted the market sentiment. Mutual funds, which were witnessing huge inflows, were big investors in the market.

All the sector indices, led by FMCG, capital goods, power, metal, banking and auto were trading in the positive zone, with gains of up to 1.06 per cent. Cabinet approval for the deal is expected in a few weeks.