Indian Markets Soar on Renewed Rate Cut Hopes

21 Mar 2024 , 03:53 PM

On Thursday, Indian benchmark indices surged, mirroring global trends, after the Federal Reserve reaffirmed its commitment to three rate cuts this year.

The Sensex commenced trading on a positive note, opening higher at 72,507.36. It reached a peak of 72,882.46 during the session before relinquishing some gains. Ultimately, at close, the Sensex gained 539.50 points, or 0.75%, settling at 72,641.19.

Similarly, the Nifty 50 also kicked off the day with gains, opening higher at 21,989.90. It soared to a high of 22,080.95 before market close. The Nifty 50 concluded with a gain of 172.85 points, or 0.79%, at 22,011.95.

Key gainers on the Sensex included NTPC, Power Grid Corp., Tata Steel, IndusInd Bank, and Tata Motors. Conversely, Bharti Airtel, Maruti Suzuki India, ICICI Bank, and Asian Paints were among the laggards.

On the Nifty 50, NTPC, BPCL, Power Grid Corp., Tata Steel, and Coal India led the gains, while Bharti Airtel, HDFC Life, Maruti Suzuki India, ICICI Bank, and ONGC faced losses.

The broader market also witnessed a robust rally, with the BSE SmallCap index surging by 2.01% and the BSE MidCap index gaining 2.36%.

Furthermore, all sectoral indices closed in positive territory. The Realty index led the charge with a gain of 3%, followed by the Metal and PSU Bank indices, which rose by 2.44% and 2.14%, respectively. The media index closed up 1.79%, while the Auto index and Consumer Durables index recorded gains of 1.44% and 1.48%, respectively. The Oil & Gas index also ended the day up by 1.32%.

Additionally, the Bank, Financial Services, IT, and FMCG indices concluded the day in the green, further reflecting the broad-based positivity across sectors.