 "Indian stock market boosted by bulls! Sensex surges 900 points, Nifty breaches 23K mark")
To the relief of many investors, bulls finally took full charge of Dalal Street on Thursday (March 20). Powered by aggressive buying sprees and ample optimism, benchmark Indian stock indices closed with gains of over 1 per cent.
The 30-share BSE Sensex surged 899.01 points, settling at 76,348.06 after breaching the 76K mark. The top gainers in this pack were Bharti Airtel, Titan, TCS, Hindustan Unilever, and Infosys. Indusind Bank, Bajaj Finance, and UltraTech Cement were the top laggards.
The broader Nifty 50 index, on the other hand, jumped 283.05 points to end the day at 23,190.65. Bharti Airtel, Titan, Eicher Motors, Bajaj Auto, and Britannia Industries were the top gainers in the Nifty 50 pack. Stocks from the finance sector dominated the top laggards list, with Indusind Bank, Bajaj Finance, Trent, and Shriram Finance ending the day in red despite the rally in the broader market.
All major sectors contributed to the rally, with automotives, fast moving consumer goos (FMCG), and metal emerging as the top gainers.
Why did the stock market rally today?
The rally in the share market was primarily driven by positive global cues. Among the factors that contributed to the optimism among investors was the US Federal Reserve’s decision to keep interest rates unchanged.
According to Religare Broking’s Ajit Mishra, Senior Vice President, Research, the Fed’s dovish stance “provided relief to global markets and set the stage for a strong opening in the domestic market…The stability in global markets and moderation in FII selling have significantly improved sentiment.”
The falls of the US dollar index (DXY) has had an impact on the moves made by Foreign Institutional Investors (FII), toning down the intensity of selling from their end. “DII buying continues to be strong, thus triggering the recent upside,” said Vinod Nair, Head of Research, Geojit Financial Services.
Impact Shorts
More ShortsSupportive domestic data indicating a MoM rise in economic activity are adding to the attractiveness of equity, he further noted.
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