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Stock market soars on US Fed rate cut signal, Sensex up 539 points, Nifty above 22,000
The Business Guardian
|March 22, 2024
On Thursday, the Indian stock market witnessed a significant surge, with benchmark Sensex rallying 539 points and Nifty closing above the 22,000 level.
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This upward movement was primarily driven by buying activity in metal, power, and energy shares, coupled with a global market rally following the US Federal Reserve’s projection of three rate cuts for the year.
The 30-share BSE Sensex surged by 539.50 points or 0.75 percent to settle at 72,641.19, marking its second consecutive day of gains. At its peak during the day, it soared by 780.77 points or 1.08 percent to touch 72,882.46. Similarly, the NSE Nifty climbed by 172.85 points or 0.79 percent to reach 22,011.95.
Leading the gains in the Sensex basket were stocks like NTPC, Power Grid, IndusInd Bank, Tata Steel, Tata Motors, JSW Steel, Tech Mahindra, and Larsen & Toubro. On the other hand, Bharti Airtel, Maruti, ICICI Bank, and Asian Paints were among the laggards.
This story is from the March 22, 2024 edition of The Business Guardian.
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