Closing Bell: Nifty ends near 17,300, Sensex settles with over 1000 points gain; Realty, metal, auto stocks gain most

The domestic equity market ended Thursday higher by nearly 2% in a holiday-shortened week as the barometer indices gained nearly 4 per cent for the week ended March 17. Despite a 25 basis points hike by US Federal Reserve on Wednesday, benchmarks gained amid easing of tension between Russia and Ukraine and cooling off crude oil price. The broader Nifty50 ended just shy of 17,300, while the Sensex added more than 1,000 points to its revious closing.   

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"The rate hike by Fed was on expected lines due to high inflation risk, coupled with geopolitical tensions. The US treasury yields had shown an immediate spike after the FOMC announcement but stabilized thereafter. The current rate hike along with anticipated monetary tightening indicates the Fed's stance of controlling the high inflation prevalent in the US" said Shivam Bajaj, Founder & CEO at Avener Capital. 

Midcap and Small cap indices too settled with over 1% gain. The Nifty Bank surged by more than 600 points to close near 36,400. Among sectors, Realty was the top gainer, while bank, consumer durables, financial services and metal gained around 2% or more.  

HDFC JSW Steel, Titan, RIL, SBI LIfe, Kotak Bank, Tata Steel and Asian Paints were among top gainers on Thursday, while Infosys, Cipla, IOC, HCL Tech and Coal India declined in an otherwise positive market.  

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)