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Triggering a massive rally by the US Fed message, BSE Sensex is up 847 points at 70,431 points on Thursday

After its two-day monetary policy meeting, the Federal Reserve revised key forecasts: 2024 median fed funds target rate dropped to 4.6% (from 5.1%) and 2025 rate to 3.6% (from 3.9%)

Analysts at ING said the Fed guidance "of the extent of additional policy firming that may be appropriate", was adjusted "to the extent of any additional policy firming", adding that that offered "the clearest hint yet" of an acceptance by the Fed that interest rates have peaked.

All 10 stocks in the Nifty IT index were in the green. The midcap counter Coforge was also up over 5% and hit its 52-week high of Rs 6,139.95 on the NSE. Notably, the top five gainers in the Nifty index were also from the IT space with Tech Mahindra taking the lead with near 4% gains. Others including HCL Technologies, LTIMindtree, Wipro and Infosys gained up to 3.5%.

So far, the Fed had been maintaining that rates could remain higher for longer because it was not convinced that inflation was fully under control.