SME Times News Bureau | 25 Jan, 2020
Sensex gained 226 points on Friday while the broader Nifty closed at
12,248 points led by gains in private banks such as ICICI Bank, Kotak
Mahindra Bank and HDFC Bank.
Indian markets gained as global
crude oil prices fell over 1 per cent. Oil prices are falling as the
coronavirus outbreak in China is feared to dent economic activity in the
long run.
"Market was in a consolidation mood on account of lack
of fresh triggers and caution ahead of Budget which played on the minds
of investors. Globally too, completion of the US-China deal has
provided an opportunity for the investors to book profits as the event
has ended in line with the expectation," said Vinod Nair of Geojit
Financial Services.
Broader market continued to outperform the
benchmark indices such as the Nifty Midcap. All the sectors ended in
green except pharma stocks. Metals and media were the top gainers
followed by banks and FMCG counters.
Rahul Gupta of Emkay Global
Financial Services said the upcoming Union Budget will keep rupee on the
edge and it is expected to trade in a range of 71.05 and 71.60 and can
act as a major resistance.
Meanwhile, fears that the outbreak of
coronavirus in China may disrupt economic activity and global growth has
sent the global stock markets tumbling.
Chinese health
authorities on Friday said that 830 cases of pneumonia caused by
coronavirus were confirmed in 29 provincial-level regions in the
country. The virus has so far claimed 26 lives.
A sharp adverse
reaction from Asian, US and European markets was witnessed because China
is entering one of its busiest travel periods on account of its Lunar
New Year holiday. The virus outbreak could hurt demand.
