NEW DELHI: Equity benchmarks Sensex and Nifty shrugged off week macro data to end the volatile first day of Calendar 2020 on a positive note on Wednesday. HDFC twins, L&T and Infosys were the top contributors to index gains.
All major Asian equity markets were shut for trading on account of the New Year. BSE barometer Sensex closed 52 points, or 0.13 per cent, higher at 41,306, while its NSE counterpart Nifty shut shop at 12,190, up 21 points or 0.17 per cent. The broader market moved in tandem with the benchmarks in thin trading.
BSE Midcap index added 0.21 per cent while BSE Smallcap index climbed 0.64 per cent. Market breadth leaned in favour of the buyers on BSE.
Market at a glance:
In the 30-pack Sensex pack, 15 stocks ended in the green and 15 in the red. State-run Power Grid and NTPC were the biggest gainers on Sensex, rising 2.76 per cent and 2.06 per cent, respectively. It was followed by M&M which gained 0.97 per cent. The company on Wednesday reported a 1 per cent rise in December sales, as a rise in passenger and utility vehicles offset a dip in commercial vehicle volumes.
L&T, HUL and HDFC were the other top gainers in the Sensex pack.
Meanwhile, shares of Titan declined the most, down 2.76 per cent. IndusInd Bank, Bajaj Auto, ONGC, Tata Steel and Maruti Suzuki were among other top losers.
In the BSE sectoral landscape, consumer durables was the biggest loser, falling 1.40 per cent. It was followed by auto, which declined half a per cent. On the other hand, BSE Power index gained the most at 1.78 per cent. Capital Goods, IT, industrials and FMCG were other sectoral indices that fared well during the session.
Expert Take:
The market traded positive in the first leg of trade based on the government’s plan for some major infrastructure expenditure. But given the concerns over fiscal deficit and plans to use funds from the Centre, state and private sectors, the gains were limited. In the near term, auto stocks will be in focus based on the monthly sales data, which is likely to paint another dismal picture due to muted demand.
– Vinod Nair, Head of Research at Geojit Financial Services
Source: Economic Times
