Sensex and Nifty rise as global markets rise in response to US Federal Reserve’s intentions to decrease interest rates

Following the US Federal Reserve’s projection of three rate cuts this year, global markets saw a rise on Thursday, which coincided with an almost 1% increase in benchmark stock indexes, Sensex and Nifty.

The 30-share BSE Sensex rose for the second day, ending at 72,641.19, up 539.50 points, or 0.75 percent. It surged 780.77 points, or 1.08 percent, to 72,882.46 over the day.

To reach 22,011.95, the NSE Nifty increased by 172.85 points, or 0.79 percent.

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

The trailblazers were Asian Paints, ICICI Bank, Maruti, and Bharti Airtel.

Shanghai finished down in the Asian markets, but Seoul, Tokyo, and Hong Kong closed much higher.

The trade on European markets was favorable.

On Wednesday, Wall Street concluded with impressive gains. The S&P 500 surged to a record-breaking high. Record highs were also reached by the Nasdaq Composite and the Dow Jones Industrial Average.

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

The benchmark for world oil, Brent crude, fell 0.08 percent to USD 85.88 a barrel.

According to exchange statistics, foreign institutional investors liquidated stocks on Wednesday for a total of Rs 2,599.19 crore.

On Wednesday, the benchmark 30-share BSE increased by 89.64 points, or 0.12%, to close at 72,101.69. To reach 21,839.10, the NSE Nifty increased by 21.65 points, or 0.10 percent.