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Nifty sustains 20,000, broader markets too higher; metals and PSUs lead the upmove
The Fed indicated it will cut the interest rate three times during the current calendar year, leading to the positive sentiment in global markets. Benchmarks Nifty 50 and Sensex are holding on to early gains on March 21, with the NSE index reclaiming the 22,000 level, tracking strong cues after the US Federal Reserve stuck with the projection of three rate cuts for 2024. At 11:22 am, the Sensex was up 695.01 points or 0.96 percent at 72,796.70, and the Nifty was up 221.40 points or 1.01 percent at 22,060.50. About 2,644 shares advanced, 541 shares declined, and 97 shares unchanged. Global rating agency S&P revised India's economic growth to 6.8 percent for FY25 from 6.5 percent and strong domestic economy data are likely to boost the market sentiment. "Expect positive for auto, metal, IT, infra, PSU and cement stocks," said Vikas Jain, senior research analyst at Reliance Securities. Source - Money Control
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