Sensex, Nifty begin 2020 on positive note as financial, IT stocks advance
The BSE benchmark Sensex settled in the green on the first trading day of 2020 on Wednesday, tracking gains in index heavyweights Infosys, HDFC twins and Larsen & Toubro. The 30-share BSE Sensex ended the day higher by 52.28 points, or 0.13 per cent, at 41,306.02. The broader NSE Nifty closed 14.05 points, or 0.12 per cent, higher at 12,182.50. PowerGrid was the top gainer in the Sensex pack, spurting 2.76 per cent, followed by NTPC, M&M, L&T, Hindustan Unilever, HDFC, and Infosys.
On the other hand, Titan fell the most by 2.76 per cent, followed by IndusInd Bank (1.72 per cent), and Bajaj Auto (1.21 per cent).
Experts said investor sentiment was boosted by positive macro numbers amid lack of global cues.
"Indian markets started the New year on a positive note without much cues on global front as markets remained closed. Sentiments remained positive on report that India's current account deficit (CAD) narrowed to 0.9% of GDP, or USD 6.3 billion, in the September 2019 quarter, on account of lower trade deficit," said Narendra Solanki, Head Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares & Stock Brokers.
In the first session of the year, major indices lost initial gains and traded marginally higher with investors and traders seeing buying into mid and small cap stocks, Rathi added.
On sectoral front, IT, FMCG and pharma traded in green while Auto, Metals, Financials remained weak.
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