Sensex scales 32,000 on rate cut hope; Nifty 1% away from 10,000

It took Sensex 33 trading sessions to reach 32,000 after closing above 31,000 in May for first time

Stocks continued to gain on Thursday with the benchmark Sensex on the BSE ending above 32,000 for the first time and the National Stock Exchange’s Nifty 50 index coming within kissing distance of 10,000.

Hopes of a rate cut by the Reserve Bank of India (RBI) after consumer price index-based inflation fell to a five-year low and the US Federal Reserve’s signal that monetary tightening would be gradual in the world’s largest economy provided firepower to charged-up bulls.

Gaining for a fourth straight session, the 30-stock Sensex closed at 32,037.4, up 232.6 points or 0.73 per cent, while the 50-stock Nifty rose