Sensex crosses 80,500 for 1st time, Nifty closes above 24,600
On August 13, 2024, the Indian stock market saw a strong comeback—Nifty closed above 24,600 and Sensex climbed over 80,500.
This upbeat mood was fueled by falling inflation and positive signals from global markets.
Interest rate cuts likely as inflation eases
With India's retail inflation dropping to an eight-year low of 1.6% and US inflation also easing, investors are hopeful for possible interest rate cuts ahead.
Such cuts could potentially lead to cheaper loans and more money flowing into businesses—good news if you're following the economy or thinking about investing.
Major gainers and new highs
Sectors like autos, metals, and pharma all saw gains around 1%. Midcap and smallcap stocks also edged up.
Big names such as Apollo Hospitals, Hindalco, Hero MotoCorp, and Dr Reddy's Labs were among the major gainers.
Standouts included Nykaa (up 5% after a big profit jump), Bharat Dynamics (up nearly 6%), and Paytm (up 3% after RBI approval).
Over 100 stocks hit new highs, showing broad confidence in the market right now.