Mumbai, July 13: The Bombay Stock Exchange (BSE) Sensex on Thursday crossed the 32,000 mark, the first time in its history. In opening trade, the Sensex climbed to an all-time high of 32,020 points. The 30-share Sensex opened its account at 31, 896.23 points and soon embarked on rapid gains, topping the 32,000 points. It was trading at 32,013 at 09:30 am. The broad-based Nifty was also trading high. At 9.25, Nifty was trading at The Nifty50 was at 9,876 points.
According to Economic Times, the all-time low inflation can be the reason behind the buoyant markets. Another factor could be that the United States Federal Reserve chair Janet Yellen told the US Congress that there might be slower-than-expected rate hikes.
The leading financial daily tried to analyse the reasons for Thursday’s buoyancy in the market. It singled out five reasons for market’s enthusiasm. It said that Asian and US markets have a thumbs up to Janet Yellen’s testimony. Hang Seng, Nikkei, and Shanghai were trading higher. Another reason could be that foreign portfolio investors, who have been pumping money into the Indian equity market in 2017, continued to show confidence in Indian markets. While India’s foreign reserves hit the record high, its inflation slumped to a new low.
The Sensex has been doing good in the hopes of India’s proposed financial and institutional reforms including the Goods and Services Tax. The Sensex closed at 30,133.35 in April– the first time above 30,000 level. In May, the Sensex had hit the 31000 level.
