March 17, 2024
New Delhi, India
Stock Market Today
Indian stock markets closed on a strong note on March 17, with the Sensex gaining 341.05 points (0.46%) to settle at 74,169.95, while the Nifty surged 112.45 points (0.50%) to 22,509.65. Banking, auto, and pharma stocks led the rally, helping markets snap a five-day losing streak.
Top Gainers and Losers
- Gainers: Bajaj Finserv, SBI Life Insurance, Dr. Reddy’s Labs, Trent, Axis Bank.
- Losers: Britannia, Hero MotoCorp, Wipro, BPCL, ITC.
Sectoral Performance
- Gains: Auto, metal, power, pharma, and banking sectors rose 0.5%-1.5%.
- Losses: Realty and media stocks slipped 0.5%.
- The BSE Midcap index climbed 0.7%, while the Smallcap index ended flat.
Global Market Influence
- US Markets: Wall Street rebounded sharply, with the Dow Jones jumping 670 points and the S&P 500, Nasdaq surging over 2%.
- Gold Prices: Gold held above $3,000, hitting its 13th record high this year amid trade war tensions and new tariffs from President Donald Trump.
- Oil Prices: Brent crude rose 1.06% to $71.33 per barrel as US strikes on Yemen’s Houthis heightened supply concerns.
- Fed Policy Meeting: The US Fed’s two-day FOMC meeting begins on March 18, with interest rates expected to remain unchanged.
Market Outlook
Experts believe the rally was supported by strong global cues and buying in select sectors. IndusInd Bank saw a 5.30% intra-day jump after the RBI reassured investors about its capital strength.
With global uncertainties and the upcoming Fed policy decision, investors remain cautiously optimistic.
USDINR closed at 86.739 down −0.1820−0.21%.
Disclaimer:
CurrencyVeda provides this news article for informational purposes only. We do not offer investment advice or recommendations. Before making any investment decisions, please conduct thorough research, consult with financial experts, and carefully consider your financial situation, risk tolerance, and investment goals. Investing in the stock market carries risks, and it’s essential to make informed choices based on your individual circumstances. CurrencyVeda is not liable for any actions taken based on the information provided in this article.
