Indian stock market witnesses strong buying across sectors on positive global cues
The Indian stock market witnessed a strong surge in intraday trade on Thursday, March 21, with the Nifty 50 and the Sensex both opening on a positive note and surging by over one per cent each. The majority of components within these indices showed gains, reflecting a broad-based optimism among investors.
Heavyweight stocks such as HDFC Bank, Reliance Industries, SBI, and Larsen and Toubro were among the top contributors to the upward momentum of the Sensex index. At around 11:15 am, the Sensex was up by 1.05 per cent at 72,861, with only one stock – Nestle – in the red.
The Nifty 50 also saw a significant increase, rising by 1.09 per cent at 22,076, with only two stocks – Hero MotoCorp and Nestle – in the red at that time. Mid and small-cap stocks were experiencing notable momentum, outperforming the benchmark indices, with both the BSE Midcap and Smallcap indices surging by 2 per cent each during the session.
Experts highlighted five significant factors driving the surge in the domestic stock market, with the US Federal Reserve’s signal on rate cuts being a key factor. The Fed left the benchmark interest rates untouched and signalled there could be three rate cuts this year, which uplifted market sentiment and provided clarity for investors.
Overall, the positive global cues and the strong buying across sectors in the Indian stock market have led to a bullish trend, with investors showing confidence in the market’s growth potential. Stay tuned for more updates on this developing story.
