Sensex trading above 32,000 for first time amid hopes of RBI rate cut

The Sensex surged over 200 points to trade above the 32,000 mark for the first time.Indian shares extended their record-breaking rally on Thursday after strong macroeconomic data opened opportunity for the Reserve Bank of India to cut the benchmark interest rate in its next policy meeting. The Sensex surged over 200 points to trade above the 32,000 mark for the first time while the National Stock Exchange (NSE) benchmark Nifty added over 65 points to 9,881, a day after government data showed that inflation for the month of June fell to a record low of 1.54 per cent.

Gains in the markets were led by banking shares, which rallied on hopes of a possible rate cut by the Reserve Bank of India in its policy meet on August 2. The Banking sub-index of Nifty – Nifty Bank – rose 0.62 per cent. ICICI Bank, Axis Bank and Yes Bank were prominent gainers in the banking index, rising between 0.8 per cent and 1.6 per cent.

As of 10.02 am, the Sensex was up 231 points at 32,036 and the Nifty traded 67 points higher at 9,883.

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Source:Ndtv

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