Sensex surges past 80,000 mark as market rallies on Fed rate cut hopes

Sensex and Nifty rallied today, with the BSE Sensex crossing the 80,000-point mark. As of 12:30 pm, the Sensex stood at 80,052.85, up 946.97 points or 1.20 per cent from the previous close. The broader Nifty 50 index also posted significant gains, trading at 24,433.80, up 290.05 points or 1.2 per cent.

The market surge was primarily driven by expectations of a potential rate cut by the US Federal Reserve in September, following a milder-than-expected July consumer price index in the United States. The US CPI slowed to 2.9 per cent from 3.0 per cent in June, while core inflation rose 3.2 per cent, below the projected 3.3 per cent.

Among the top gainers on the BSE were Suprajit Engineering Ltd (13.23 per cent), RHI Magnesita India Ltd (11.08 per cent), Paisalo Digital Ltd (9.25 per cent), Gravita India Ltd (9.23 per cent), and Firstsource Solutions Ltd (7.11 per cent). The top losers included Hindustan Zinc Ltd (-7.43 per cent), Sandur Manganese & Iron Ores Ltd (-3.74 per cent), Rattanindia Enterprises Ltd (-3.45 per cent), Adani Energy Solutions Ltd (-3.42 per cent), and Redtape Ltd (-3.39 per cent).

Market breadth remained positive with 2,377 advances against 1,408 declines. 173 stocks hit their 52-week highs, while 37 touched 52-week lows. The INDIAVIX, which measures market volatility, decreased by 4.53 per cent to 15.4350.