Stock Market Today: Sensex up nearly 1,000 points, Nifty 50 tops 21,400-mark led by IT, metals
US Federal Reserve signalled the end of its tightening cycle and raised expectations of a rate cut in March 2024. The 30-share BSE Sensex soared nearly 1,000 points to settle at 71,483.75, while the Nifty 50 closed 273 points higher at 21,456.65.
Sensex touched an intra day high of 71,605.76, while the Nifty 50 crossed the 21,400-mark. The high weightage information technology (IT) index gained about 2 per cent and was among the top sectoral gainers.
IT companies, which earn a significant share of their revenue from the US, jumped 4.5 per cent this week, marking their best performance in a month. The rise comes after Fed Chair Jerome Powell acknowledged the risks of lowering rates too late, on Wednesday, which bolstered expectations of a 25 basis point (bp) rate cut by March 2024 and fuelled a rally across global stock markets.
Metal index gained 1.8 per cent, aided by a jump in global metal prices as US dollar came under pressure following Fed's dovish commentary on future rate trajectory. Nifty 50 and Sensex have gained about 1.5 per cent each this week, set for their longest joint weekly winning streak since January 2018.
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