Stock Market Today: Sensex Jumps 540 Points; Nifty Ends Above 22,000 After Fed Outcome

Stock update: On the 30-share Sensex platform, NTPC, PowerGrid, Tata Steel, IndusInd Bank, Tata Motors, JSW Steel emerged gainers. Airtel, ICICI Bank, Maruti, Asian Paints were the losers

In the broader markets, the BSE Midcap and Smallcap indices ended 2.3 per cent and 2 per cent higher, respectively.

Source : Getty

The two key equity benchmarks, Sensex and Nifty, on Thursday closed in the green following a rally on D-Street after the US Federal Reserve opted to maintain interest rates at their current levels. The S&P BSE Sensex settled 540 points higher at 72,641. On the NSE Nifty50 closed above 22,000-mark at 22,012, up 173 points.

On the 30-share Sensex platform, NTPC, PowerGrid, Tata Steel, IndusInd Bank, Tata Motors, JSW Steel emerged gainers. On the down side, Airtel, ICICI Bank, Maruti, Asian Paints were the losers.

#ABPStockMarketWatch | Sensex and Nifty on Thursday closed in the green after the US Fed opted to maintain interest rates

At 04:00 PM, #Sensex gained 540 points to 72,641 & #Nifty rose by 173 points to close at 22,012

Here's a look at the stocks in focus 👆🏻#ABPLive… pic.twitter.com/7G0Uaumx4Q

— ABP LIVE (@abplive) March 21, 2024

In the broader markets, the BSE Midcap and Smallcap indices ended 2.3 per cent and 2 per cent higher, respectively.

Sectorwise, all the indices closed the session in the positive zone. Nifty Realty gained 3 per cent, Nifty Metal index advanced 2.4 per cent, Nifty PSU Bank index rose 2.14 per cent, while Nifty Media index jumped 1.8 per cent.

In the previous session on Wednesday, the S&P BSE Sensex closed 90 points higher at 72,102, while the NSE Nifty50 ended at 21,839, up 22 points.

"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," said Vinod Nair, Head of Research, Geojit Financial Services.

A total of 2,758 stocks advanced while 1,061 declined and 107 remained unchanged.

In the Asian markets, Seoul, Tokyo, and Hong Kong experienced notable upswings, contrasting with Shanghai, which concluded on a downward trend. Across Europe, markets displayed positive momentum. Meanwhile, Wednesday witnessed Wall Street's closure with significant gains, as evidenced by the S&P 500 surging to unprecedented heights. Both the Dow Jones Industrial Average and the Nasdaq Composite also reached new pinnacle levels.

Brent crude, the global oil benchmark, saw a marginal decline of 0.08 percent, settling at $85.88 per barrel.

Exchange data indicated that foreign institutional investors divested equities valued at Rs 2,599.19 crore on Wednesday.

On Thursday, the rupee exhibited strength, appreciating by 6 paise to reach a provisional close of 83.13 against the US dollar. This upward trajectory was bolstered by robust performance in domestic equities and a weakened greenback amidst growing enthusiasm for higher-risk assets.

In the interbank foreign exchange market, the domestic currency commenced trading at 83.07 against the dollar. Throughout the trading session, it oscillated between an intra-day high of 83.04 and a low of 83.16.

Ultimately, the rupee settled at 83.13 (provisional) against the dollar, marking a gain of 6 paise from its previous close of 83.19.