India’s domestic equity market soared as the Federal Reserve’s dovish stance on interest rates and robust PMI readings fueled optimism. The BSE Sensex climbed 0.75% to 72,641.19, while the NSE Nifty50 rose 0.79% to 22,011.95. Market capitalization surged by nearly Rs 6 lakh crore in a single day, reaching nearly Rs 380 lakh crore. The Fed’s decision to leave interest rates unchanged but hint at potential rate cuts in FY25 boosted global equity sentiments. Positive HSBC composite PMI data for March further buoyed market confidence. Nifty Metal, Nifty Realty, and Nifty PSU Bank led sectoral gains, with the broader market outperforming benchmarks. Analysts anticipate rupee appreciation amid rising global risk sentiments and a weakening US Dollar, though firm crude oil prices may limit gains.
Indian Equity Market Surges on Fed’s Dovish Stance and Strong PMI
![](https://affairsace-media.s3.ap-south-1.amazonaws.com/2024/03/23085944/newindianexpress_2024-03_68205cc8-e496-46a2-9d58-d3c8376087e2_FTYJDTJ-ezgif.com-avif-to-jpg-converter-860x483.jpg)