Closing Bell: Sensex jumps by 1040 points, Nifty scales 16900; all eyes on Fed meet

Closing Bell: Sensex jumps by 1040 points, Nifty scales 16900; all eyes on Fed meet

by 5paisa Research Team Last Updated: 2022-03-16T19:05:55+05:30

Domestic equity bourses climbed on Wednesday, tracking overnight rise in US stocks, even as strong gains seen in most Asian markets fizzled out.

The Indian equity markets rebounded sharply today led by gains across all sectors. Asian shares traded higher, tracking overnight gains in Wall Street, with investors now focussed on the U.S. Federal Reserve meeting. The US central bank is expected to raise its interest rate by 25 basis points (bps). In such a scenario, this would be the first interest rate hike in three years. The sentiments were also positive in hopes of a resolution in the Russia-Ukraine talks. In today's trade, the buying was broad-based with all sectors in the green.

At the closing bell on March 16, the Sensex was up 1,039.80 points or 1.86% at 56,816.65, and the Nifty was up 312.30 points or 1.87% at 16,975.30. On the market breadth, around 2241 shares have advanced, 1105 shares declined, and 96 shares are unchanged.

Top Nifty gainers of the day were UltraTech Cement, Axis Bank, Shree Cements, IndusInd Bank and Bajaj Auto. Top losers included Cipla, Sun Pharma, Tata Consumer Products and Power Grid Corporation. Among the trending stocks, UltraTech Cement was the top Nifty gainer as it climbed 4.63% to Rs 6,300.

On sectoral basis, all the sectoral indices ended in the green with IT, oil & gas, auto, bank, metal and realty indices rising 2-3%, while capital goods, FMCG, and power indices up 1% each. In the broad markets, BSE midcap and smallcap indices added over 1% each.

What can be seen as a piece of good news for Paytm shareholders, the company today halted its losing run as the stock settled 7.15% higher at Rs 634.80.

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