Market Influence Factors:
- The decline in the US benchmark yield.
- Decrease in the dollar index.
- Federal Reserve's dovish stance, indicating a cautious approach towards monetary policy.
Market Performance on March 21:
- Sensex and Nifty 50, key indices of the Indian stock market, concluded on a higher note.
- This upsurge was in response to a global market rally triggered by the decision of the US Federal Reserve.
- The Federal Reserve maintained its forecast of implementing three rate cuts within the year, which bolstered investor confidence.
Global Market Reaction:
- Following the Federal Reserve's decision, all three major stock market indices in the US surged to record highs.
- In the Asia-Pacific region, Japan's Nikkei index also attained an unprecedented peak, reflecting the positive sentiment prevailing in the global markets.
Federal Reserve's Interest Rate Decision:
- On March 20, the Federal Reserve announced its resolution to maintain the interest rate within the range of 5.25-5.50 percent.
- This decision to hold the interest rate steady was in line with market expectations and contributed to the positive market sentiment observed on March 21.
Closing Performance of Sensex and Nifty 50:
- By the end of the trading session, Sensex surged by 590.60 points or 0.82 percent to reach 72,692.29.
- Similarly, Nifty 50 witnessed a substantial increase of 175.70 points or 0.80 percent, closing at 22,014.80.
- These significant gains further underscored the optimism prevailing in the Indian stock market on March 21.
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