Sensex, Nifty surge amid global markets rally on US Fed rate cut plans

Mumbai, Mar 21 (PTI) Benchmark equity indices Sensex and Nifty surged nearly 1 per cent on Thursday in tandem with a rally in global markets after the US Fed projected three rate cuts this year.

Rising for the second day, the 30-share BSE Sensex jumped 539.50 points or 0.75 per cent to settle at 72,641.19. During the day, it zoomed 780.77 points or 1.08 per cent to 72,882.46.

The NSE Nifty climbed 172.85 points or 0.79 per cent to 22,011.95.

From the Sensex basket, NTPC, Power Grid, IndusInd Bank, Tata Steel, Tata Motors, JSW Steel, Tech Mahindra and Larsen & Toubro were the biggest gainers.

Bharti Airtel, Maruti, ICICI Bank and Asian Paints were the laggards.

In Asian markets, Seoul, Tokyo, and Hong Kong settled significantly higher while Shanghai ended lower.

European markets were trading in positive territory.

Wall Street ended with remarkable gains on Wednesday. The S&P 500 jumped to an all-time high. The Dow Jones Industrial Average and the Nasdaq Composite also hit record-high levels.

“Domestic market is taking cues from the global market infusing optimism as the Federal Reserve signalled to remain on track for three interest rate cuts this year despite inflation staying above long-term target,” said Vinod Nair, Head of Research, Geojit Financial Services.

Global oil benchmark Brent crude dipped 0.08 per cent to USD 85.88 a barrel.

Foreign institutional investors offloaded equities worth Rs 2,599.19 crore on Wednesday, according to exchange data.

The 30-share BSE benchmark rebounded 89.64 points or 0.12 per cent to settle at 72,101.69 on Wednesday. The NSE Nifty climbed 21.65 points or 0.10 per cent to 21,839.10.