The Indian stock market witnessed robust buying across sectors on Thursday, March 21, buoyed by broadly positive global cues.
Both the Nifty 50 and the Sensex, the key indices of the Indian stock market, opened positively, surging by over one percent each.
Majority of components within these indices displayed gains, indicating a widespread optimism among investors.
Heavyweight stocks like HDFC Bank, Reliance Industries, SBI, and Larsen and Toubro contributed significantly to the upward momentum of the Sensex index.
As of 11:15 am, the Sensex was up by 1.05 percent at 72,861, with only one stock, Nestle, showing a slight decline.
Similarly, the Nifty 50 rose by 1.09 percent to 22,076, with only two stocks, Hero MotoCorp and Nestle, witnessing marginal losses.
Mid and small-cap stocks outperformed the benchmark indices, with both the BSE Midcap and Smallcap indices surging by 2 percent each during the session.
Significant factors driving the surge in the domestic stock market:
- Fed’s Signal on Rate Cuts: The US Federal Reserve’s decision to leave benchmark interest rates unchanged and its indication of possible three rate cuts this year boosted market sentiment.
- Positive Global Cues: Following the US Federal Reserve’s stance on interest rates, major Asian indices like Korea’s KOSPI and Japan’s Nikkei surged by 2 percent, further uplifting investor confidence.
