Sensex, Nifty Close Higher as Fed Keeps Rates at 5.5% for Now

The Indian equity markets ended the session higher on 21 March 2024, buoyed by positive global signals. This was driven by the US Federal Reserve's anticipated decision to maintain interest rates and a rise in HSBC's March flash India Composite Purchasing Managers' Index (PMI). By 3:30 p.m., the BSE Sensex surged 539.50 points or 0.75% to 72,641.19, while the NSE Nifty rose 172.85 points or 0.79% to 22,011.95. HSBC's flash India Composite PMI, compiled by S&P Global, increased to 61.3 this month from February's final reading of 60.6. All NSE sectoral indices traded positively. The US Federal Reserve kept key interest rates unchanged at 5.50% for the fifth consecutive time, with the Fed chief indicating an expectation of three rate cuts in 2024. Despite easing inflation, the Fed intends to hold off on rate cuts until it is more confident about inflation reaching 2%. This resulted in US stocks maintaining a positive trend, closing around 1% higher. Equities in the Asia Pacific region also surged, with Japan's Nikkei hitting a record high.

The Rupee appreciated 6 paise to 83.13 against the US dollar on Thursday, supported by a firm trend in domestic equities and a weak greenback amid rising appetite for riskier assets. TCS has signed a seven-year deal with Denmark-based Ramboll, a global architecture, engineering, and consultancy company. TCS will modernise and streamline Ramboll's IT operating model to drive business growth and optimise its IT cost base.

Carnelian Asset Management and Advisors Pvt Ltd also announced the launch of the Carnelian Bharat Amritkaal Fund, a long-only Category III Alternative Investment Fund (AIF) strategically positioned to leverage India's exponential growth during the transformative period of Amritkaal, when India becomes a developed nation. With a minimum ticket size of INR 5 crores, the fund targets a fundraise range of INR 5000 crores from High-Net-Worth Individuals (HNIs), Ultra High Net Worth Individuals (UHNIs), and family offices.

Major gainers on the NSE include Bharat Petroleum Corporation (3.86%), NTPC (3.76%), Power grid corporation of India (3.56%), Tata Steel (3.16%), and Coal India (3.10%). Major losers include Bharti Airtel (-0.60%), HDFC life insurance company (-0.54%), ICICI Bank (-0.18%), Maruti Suzuki India (-0.16%), and Oil and Natural Gas corporation (-0.09%).

TCS Ltd. (TCS) has signed a multimillion-dollar, 7-year deal with Ramboll for end-to-end IT transformation, aiming to modernise and streamline IT operations. HCL Technologies Ltd. achieved AWS Generative AI Competency for expertise in building AI applications. It was up by 0.86% to Rs 1600.25 on the BSE. Deepak Chemtex Limited declined by 1.18% to Rs 74 on the BSE after commencing manufacturing operations for Benzo Triftuoride (BTF) at its new plant in Dahej, Gujarat, and launching a new product in the chemical category. Zaggle Prepaid Ocean Services rose by 1.105 to Rs 299.70 on the BSE after entering into a two-year agreement with Expleo Solutions Limited to provide the Zaggle Save platform for expense management and employee benefits.

Motilal Oswal Asset Management Company launches Motilal Oswal Nifty Realty ETF and Motilal Oswal Nifty SmallCap 250 ETF. The Motilal Oswal Nifty Realty ETF