Sensex and Nifty resumed their rally on Wednesday after a single-session fall as global markets awaited a widely anticipated decision by the US Federal Reserve on interest rate policy. 
Sensex and Nifty resumed their rally on Wednesday after a single-session fall as global markets awaited a widely anticipated decision by the US Federal Reserve on interest rate policy. 
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Benchmark indices Sensex and Nifty resumed their rally on Wednesday after a single-session fall as global markets awaited a widely anticipated decision by the US Federal Reserve on interest rate policy. Sensex closed at 56,816, higher by 1,039 points, and Nifty gained 312 points to 16,975.
What's next? Here's a look at the latest updates of the market today!
2:12 pm: Market check
Sensex zooms 1236 points to 58,053 and Nifty gains 340 points to 17,314
2:07 pm: Top Sensex losers in the afternoon session are PowerGrid and NTPC shares , falling up to 0.62%.
1:39 pm: Moody's cuts 2022 India growth estimate to 9.1%
Moody's on Thursday slashed India's growth estimate for the current year to 9.1 per cent, from 9.5 per cent earlier, saying high fuel and fertilizer import bill could limit the government's capital expenditure.
In its Global Macro Outlook 2022-23 (March 2022 Update) titled: Economic Growth will suffer as fallout from Russia's invasion of Ukraine builds, the rating agency said that India's growth is likely to be 5.4 per cent in 2023. READ MORE
1: 00 pm: Titan Company share hits all-time high
Titan Company share rises 5.14% to all-time high of Rs 2,720 in the afternoon session. The stock had closed at Rs 2586.95 in the previous session.
12:34 pm: Market check
Sensex rises 1146 points to 57,962 and Nifty gains 338 points to 17,314 in the afternoon session.
12:32 PM : Market cap of BSE-listed firms rises to Rs 260.27 lakh crore.
12:27 pm: This Jhunjhunwala stock gets a buy call from Motilal Oswal, 23% upside expected
Shares of Rakesh Jhunjhunwala-backed Star Health and Allied Insurance Company rose 3 per cent in early trade today after brokerage Motilal Oswal initiated coverage on the stock with a buy call.
The financial services firm assigned a target price of Rs 750, 23 per cent higher than the current market price of Rs 609.
Jhunjhunwala and his wife Rekha are the second-largest shareholders in the company with an 18.21 per cent stake. Safecrop Investments India LLP is the biggest shareholder with 47.77 per cent stake.
Star Health stock rose 3.83 per cent intraday to Rs 632.4 on BSE. READ MORE
11:45 am: Paytm stock slips 3% after Macquarie cuts target price
Shares of One 97 Communications fell over 3% today after global brokerage Macquarie cut its target price for the stock.
Macquarie has once again slashed its price target for Paytm. From Rs 1,200 in November last year to Rs 700 last month, the target price has been cut to Rs 450. The foreign broking house has cut its price target for the digital major citing regulatory headwinds including a falling probability of getting a banking license.
11:24 am: Expert Quote
Niraj Kumar, Chief Investment Officer, Future Generali India Life Insurance on the US Fed Reserve hike
"Fed has embarked on rate hiking cycle and has guided for an aggressive normalization, as it deems to be the quintessential tool to normalize the high inflation. The aggressive rate hike outlook has come in response to US witnessing a run-away inflation exacerbated by rising commodity prices led by Geopolitical tensions and supply disruptions and posed with downside risks to global growth.
However, with Fed alluding that economy is on a strong footing and that growth is strong, we reckon the rate hike cycle will be navigated much better this time. From Indian markets standpoint, while the impending Fed rate hike has already resulted in strong selling by FIIs in the last few months, the strong support by DIIs has to a great extent mitigated the impact of FII selling. We reckon the markets will take this rate hike cycle in its stride, as prospects remains strong despite the inflationary headwinds and will navigate from the unknown to known territory."
11:10 AM: Market breadth is positive with 2280 shares trading higher against 872 falling on BSE.
10: 54 am: MARKET UPDATE
Sensex zooms 1000 points to 57,814 and Nifty gains 283 points to 17,257.
10:23 AM: Indiabulls Housing Finance stock rises 9%
Shares of Indiabulls Housing Finance rose over 9% today after the firm said its board on March 22 will consider fund-raising through bonds, in one or more tranches, on a private placement basis. READ MORE
9:36 am: Expert quote
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "The Fed raising rates by 25 bps was on lines of market expectations. Fed's projections of another six hikes this year is hawkish and, therefore, the smart rally in markets with S&P 500 and Nasdaq posting 2.24% and 3.17% upmoves respectively was a bit unexpected.
The explanation is that the market was oversold and the consequent short covering pushed indices higher. The market drew confidence from the Fed chief Powell's statement that 'the American economy is very strong and well positioned to handle tighter monetary policy.'
Short-covering in India, too, will lift markets today. FPIs turning buyers after a long time and softness in crude will support the market. There is upward potential in financials, particularly in high quality private banks in which FPIs were sustained sellers."
9: 20 am Top gainers
All Sensex stocks are trading in the green. HDFC, Axis Bank, Bajaj Finance, Kotak Bank, Asian Paints, Kotak Bank, HDFC Bank and IndusInd Bank are the top Sensex gainers in early trade, rising up to 3.14%
9: 15 am: Market opens in the green
Sensex opens 850 points higher at 57,667 and Nifty rises 226 points to 17,202.
8:40 am: Global updates
The Dow Jones Industrial Average rose 518.76 points, or 1.55%, to 34,063.1, the S&P 500 gained 95.41 points, or 2.24%, to 4,357.86 and the Nasdaq Composite added 487.93 points, or 3.77%, to 13,436.55.
Sensex rises 1,000 pts, Nifty ends above 16,950; UltraTech, Axis Bank, HDFC top gainers
8:37 PM: EXPERT QUOTE
Prashanth Tapse, Vice President (Research), Mehta Equities said, "Nifty is set to start the day on solid footing as world equity markets have posted robust gains on the back of triple boost such as US Fed's little hawkish stance, Ukraine-Russia ceasefire deal reports, and China hinting at a economic stimulus. The Nifty options data for March series suggests the benchmark index is likely to be in a trading range of 16000-18000 zone. Maximum Call OI is at 18000 followed by 17000 strike price. So, the 17000 mark will be Nifty's crucial resistance zone."
8:35 am: FII and DII action
Foreign institutional investors (FIIs) bought shares worth Rs 312 crore on March 16, and domestic institutional investors (DIIs) lapped up shares worth Rs 772.55 crore, as per provisional data available on NSE.
8:30 am: SGX Nifty
The Indian equity market is likely to open in the green today as SGX Nifty was trading 259 points higher at 16,894.80.
The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.
8:15 am: Market on Wednesday
Benchmark indices Sensex and Nifty resumed their rally on Wednesday after a single-session fall as global markets awaited a widely anticipated decision by the US Federal Reserve on interest rate policy. Sensex closed at 56,816, higher by 1,039 points, and Nifty gained 312 points to 16,975.
Before the previous session, the Indian equity market had rallied for five consecutive sessions. UltraTech Cement, Axis Bank, IndusInd Bank and HDFC were among the top Sensex gainers, rising up to 4.69 per cent.
BSE mid-cap and small-cap indices gained 417 points and 395 points, respectively.
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