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Sensex, Nifty recover from budget gloom to close in green
Indian indices recovered from the budget blues on Monday with the benchmark index Sensex gaining 137 points to close at 39,872.31 points and the 50-share NSE Nifty advancing 46.05 points or 0.39 per cent to end the day at 11,707.90. It is to be noted that markets had opened in red after witnessing a bloodbath on Saturday (February 1).
MUMBAI: Indian indices recovered from the budget blues on Monday with the benchmark index Sensex gaining 137 points to close at 39,872.31 points and the 50-share NSE Nifty advancing 46.05 points or 0.39 per cent to end the day at 11,707.90. It is to be noted that markets had opened in red after witnessing a bloodbath on Saturday (February 1).
"With valuations on the higher side, the on-going results reported has been mostly inline with estimates. Manufacturing PMI shows notable rebound providing a breather that economy will stabilise as mentioned in the budget," Vinod Nair, Head of Research at Geojit Financial Services told IANS.
ITC stocks touched a 52-week low on Monday due to the government's decision to impose a hike in tax on tobacco and cigarettes. ITC closed 4.61 per cent lower at Rs 215 a share. Bharti Infratel Limited lost over 6 per cent while Yes Bank declined nearly 5 per cent.
"We believe absence of any major announcements in the budget may weigh on investor sentiments in the short-term and we may continue to witness volatility. On the global front too, while liquidity boost of $173 bn by China`s central bank is a good sign, rising concerns regarding coronavirus may continue to cause uncertainty in the markets," said Ajit Mishra, VP - Research, Religare Broking, to IANS.