Market optimism prevails after Fed's stance boosts investor confidence

The domestic equity benchmark indices ended on a positive note on Thursday,led by gains in IT stocks. Strong rally in global peers after the US Federal Reserve maintained its projection of three rate cuts this year also boosted the sentiment on Street.At close the Sensex was up 539.50 points or 0.75 percent at 72,641.19, and the Nifty was up 172.85 points or 0.79 percent at 22,011.95. About 2,591 shares rose, 766 declined, and 88 were unchanged.
With no change in interest rates and the US Fed sticking to guided three rate cuts this year, the market has breathed a sigh of relief, which can be seen from the movement in Nifty50 and Sensex, said analysts.
Stocks of oil marketing companies (OMCs) such as BPCL, IOC, and HPCL also extended their winning streak for the second straight day.On the sectoral front,all indices ended in the green, with the smallcaps and midcaps outperforming their large-cap peers. The Nifty PSE index was the top sectoral gainer as it surged 3.5%.
Rupee Close:
On 21 Mar'24,the Indian rupee rebounded 14 paise to 83.05 against the US currency in early trade on Thursday as the dollar retreated from high levels in global markets after the US Federal Reserve indicated three rate cuts this year.
The Indian currency gained strength as the US Federal Reserve indicated three rate cuts this year despite sticky inflation. The US Fed kept its interest rates unchanged in the policy meeting on Wednesday.
Trading Guide:
Market experts have recommended nine day trading stocks for today — Glenmark, KPIL, Bajaj Finserv, BEML, Parag Milk, Power Grid, Max Healthcare, Chalet Hotels, and CG Power.

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)