Stock Market Today: Sensex Rises 500 Points; Nifty Above 22,000. Banks IT, Metal Gain

Stock update: On the 30-share Sensex platform, Tata Steel gained 2.88 per cent, followed by JSW Steel, Wipro, IndusInd Bank, PowerGrid, NTPC. Maruti, Nestle, and Sun Pharma were among the losers

In the broader markets, the BSE Midcap and Smallcap indices advanced 1.4 and 1.3 per cent respectively.

The two key equity benchmarks, Sensex and Nifty, on Thursday opened higher tracking positive global sentiments after the US Fed kept its interest rates unchanged. At 9.35 am, the BSE Sensex jumped 542 points to 72,644. On the other hand, the NSE Nifty50 was trading at 22,010, up 171 points.

On the 30-share Sensex platform, Tata Steel gained 2.88 per cent, followed by JSW Steel, Wipro, IndusInd Bank, PowerGrid, NTPC. On the down side, Maruti, Nestle, and Sun Pharma were among the losers.

In the broader markets, the BSE Midcap and Smallcap indices advanced 1.4 and 1.3 per cent respectively.

Sectorwise, Nifty Bank index rose 1 per cent, while IT index and metal index also gained.

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.

Asian markets saw significant gains in Seoul, Tokyo, and Hong Kong, though Shanghai reported a downturn in trading.

On Wednesday, Wall Street closed with impressive increases.

The global oil benchmark, Brent crude, rose by 0.61 percent to reach $86.47 per barrel.

According to exchange data, Foreign Institutional Investors (FIIs) sold off equities worth Rs 2,599.19 crore on Wednesday.

"The uncertainty regarding the Fed decision is over with the Fed keeping the rates unchanged and refraining from a hawkish message. The Fed chief's statement that "inflation has eased substantially while the labour market has remained strong" conveys conviction about the soft landing of the US economy and the possibility of probably three rate cuts this year. The response from the market was the US indices racing to record highs. This favourable global construct will have its positive impact on Indian markets too," said V K Vijayakumar, chief investment strategist, Geojit Financial Services.

Meanwhile, the rupee rebounded by 14 paise to reach 83.05 against the US dollar in early Thursday trading, following a retreat of the dollar from its high positions in global markets subsequent to the US Federal Reserve's indication of three rate cuts anticipated this year.

At the interbank foreign exchange market, the rupee initiated trading strong at 83.07 against the US dollar, compared to its previous closing rate of 83.19. Early transactions witnessed the local unit fluctuating within the range of 83.08 to 83.04.

By 9:25 am, the rupee was trading at 83.05 against the dollar, marking a gain of 14 paise from its previous close. On Wednesday, it had settled at a two-month low of 83.19, amidst anticipation surrounding the US Fed policy announcement, fueled by a robust American currency and elevated crude oil prices.

The Indian currency strengthened following indications from the US Federal Reserve regarding potential rate cuts this year, despite concerns about persistent inflation. The Fed opted to maintain its existing interest rates during its Wednesday policy meeting.