US Fed decision powers 540-pt rally in Sensex; broader indices jump over 2%

Stock market highlights on March 21: In the broader markets, the rebound was steeper with the BSE MidCap and SmallCap indices closing 2.3 per cent and 2 per cent higher, respectively

Closing Bell on March 21: A relief rally ensued on Dalal Street on Thursday after the US Federal Reserve stayed on course to cut key rate thrice in 2024, despite elevated inflation. 

The S&P BSE Sensex settled 540 points, or 0.75 per cent, higher at 72,641 levels, while the Nifty50 shut shop above 22,000-mark at 22,012, up 173 points or 0.79 per cent.

26 of the 30 Sensex stocks and 43 of the 50 Nifty stocks eked out gains with BPCL, NTPC, Power Grid, Coal India, Tata Steel, IndusInd Bank, Tata Motors, JSW Steel, and Hindalco emerging as leaders. These shares edged 2.4 per cent to 3.6 per cent higher. 

In the broader markets, the rebound was steeper with the BSE MidCap and SmallCap indices closing 2.3 per cent and 2 per cent higher, respectively. 

The gains were broad-based today with all the sectoral indices on the NSE swimming in the green. The charge was led by the Nifty Realty, which was up 3 per cent, the Nifty Metal index 2.4 per cent, the Nifty PSU Bank index 2.14 per cent, and the Nifty Media index 1.8 per cent.  

4:02 PM

COMMENT:: Markets rally as Fed hints to stick with 3 rate cuts hits year

"Domestic market is taking cues from the global market infusing optimism as the Federal Reserve signalled to remain on track for three interest rate cuts this year despite inflation staying above long-term target. The broader market outperformed the frontline index also taking advantage from the HSBC composite PMI data, which rose to 61.3 percent in March as compared to 60.6 in February, indicating that the economic condition is supportive. Short-term traders are taking advantage of the oversold territory from the recent sell-off."

 

- Vinod Nair, Head of Research at Geojit Financial Services

 

4:00 PM

VIEW:: Nifty to remain in buy on dips mode till 21,840 is held

"The Nifty rallied following a Doji candlestick pattern on the daily chart, indicating a robust bullish reversal. Additionally, the index has successfully reclaimed the crucial 50-day Simple Moving Average (SMA). Looking ahead, the Nifty could potentially extend its gains towards the range of 22,250-22,300. Moreover, a breakthrough above 22,300 may initiate a rally towards 22,500 and beyond. The buy-on-dips strategy is expected to remain viable as long as the Nifty maintains levels above 21,840."

 

- Rupak De, Senior Technical Analyst at LKP Securities

 

3:56 PM

Market breadth was fairly positive; Over 2,750 stocks advanced, while 1,060 declined on the BSE

3:53 PM

BSE Smallcap Heatmap:: Sobha, Engineers India zoom over 12%; Metro Brands drops zooms 4%

3:51 PM

BSE Midcap Heatmap:: CG Power, PFC soar over 7%; REC, GMR Infra jump 6%

3:49 PM

Broader Market Check:: MidCap, SmallCap indices surge up to 2.5%; VIX falls 7%

3:46 PM

Nifty 50 Losers:: Bharti Airtel, HDFC Life slip over 0.5%

3:44 PM

Nifty 50 Gainers:: NTPC, BPCL, Power Grid, Tata Steel, Coal India rally over 3%

3:42 PM

Sensex 30 Heatmap:: 26 Gainers v/s 4 Losers

3:39 PM

CLOSING BELL:: NSE Nifty50 reclaims 22K, gains 173 points

3:36 PM

CLOSING BELL:: S&P BSE Sensex ends 540 points higher at 72,641

3:25 PM

Global check:: US, UK stock futures trade up to 1% up

Source: Investing.com

3:17 PM

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3:04 PM

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2:48 PM

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