Friday (March 22) saw a record rise in US markets following the Federal Reserve’s indication of three rate cuts this year, as well as increases in index giants L&T, ITC, and Maruti. As a result, benchmark equity indexes Sensex and Nifty closed higher for the third consecutive day.
The markets made a calculated comeback after they dropped in early session. At 72,831.94, the 30-share BSE Sensex increased 190.75 points, or 0.26%. But the increase was muted by a significant downturn in technology and information companies. It increased by 474.43 points, or 0.65%, to 73,115.62 throughout the course of the day.
The exception being the IT sectors index, which ended in the red. The Nifty FMCG industry increased by 2%. To a total of 22,096.75, the NSE Nifty rose 84.80 points, or 0.39%. On Friday, the market capitalization of the companies listed on the BSE increased by ₹2.3 lakh crore.
Sun Pharma, Maruti, IndusInd Bank, Titan, ITC, Tata Motors, Larsen & Toubro, and JSW Steel were among the biggest gainers from the Sensex basket. However, among the companies that lagged behind were Infosys, Wipro, HCL Technologies, Tech Mahindra, Tata Consultancy Services, and Bajaj Finserv.
But after Accenture cut its guidance, IT stocks took a hit, tumbling as much as 3%. Upbeat news: CLSA upgraded Amber Enterprises’ stock to a “Buy” rating, which led to a 4% increase for the company at they conclusion of the day. After the US FDA did not issue any observations against Neuland Labs’ Hyderabad unit, the stock of the company rose 6%.
New orders also caused stock prices at KEC International, Man Infra, and Welspun Corp to soar. With a 2:1 advance-decline ratio, the market breadth continued to favor advances.
Tokyo ended in the positive position among Asian markets, but Seoul, Shanghai, and Hong Kong settled lower. The markets in Europe were showing signs of volatility. On Thursday, Wall Street reached new all-time highs. At $85.59 per barrel, global oil benchmark Brent crude fell 0.22 percent.
