Mumbai, Mar 21 (IANS): The inline outcome from the US central bank brought cheer to the global and domestic markets, Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, said on Thursday.

This led to a relief rally in the global equity markets, serving as a major boost for midcap and smallcaps.

While the Nifty 50 ended the day at 22,011.95, up 173 points, or 0.79 per cent, the Sensex closed 540 points, or 0.75 per cent, up at 72,641.19 on Thursday.

The broader market outperformed with Nifty Midcap and Nifty Smallcap up more than 2 per cent each. The top sectoral gainers were realty, PSU bank, and metals, Khemka said.

“We expect the market recovery to sustain over the next few days. Largecaps are better placed in terms of valuation comfort and growth visibility. However, volatility in the broader market cannot be ruled out. The key event to watch will be the Cank of England's interest rate decision," he said.

Vaibhav Vidwani, Research Analyst at Bonanza Portfolio, said that Nifty Reality and Nifty Metal were among the top gaining sectors on Thursday, up by 3 per cent and 2.44 per cent, respectively.

The Nifty and Sensex were fueled with optimism on Thursday, with market players applauding the Fed's dovish remarks and indications that it may lower rates three times this year, beginning June, Vidwani said.

BPCL, NTPC, Power Grid, Tata Steel, and Coal India were among the top gainers on the Nifty, while Bharti Airtel, HDFC Life, ONGC, Maruti Suzuki, and ICICI Bank were among the top losers.