Kotak Mahindra Bank was the top gainer in the Sensex pack, rallying over 4 per cent(PTI)
Kotak Mahindra Bank was the top gainer in the Sensex pack, rallying over 4 per cent(PTI)

Sensex jumps over 200 points ahead of Economic Survey; Nifty holds 12K

In the previous session, Sensex settled 284.84 points lower at 40,913.82, and Nifty closed 93.70 points down at 12,035.80
Mumbai | By Press Trust of India
UPDATED ON JAN 31, 2020 10:19 AM IST

Market benchmark Sensex jumped over 200 points in opening session on Friday ahead of the release of the government’s Economic Survey later in the day.

The 30-share BSE index was trading 168.91 points or 0.41 per cent higher at 41,082.73, and the broader NSE advanced 39.35 points, or 0.33 per cent, to 12,075.15.

In the previous session, Sensex settled 284.84 points, or 0.69 per cent, lower at 40,913.82, and Nifty closed 93.70 points, or 0.77 per cent, down at 12,035.80.

Meanwhile, on a net basis, foreign institutional investors sold equities worth Rs 962.28 crore, while domestic institutional investors purchased shares worth Rs 292.35 crore on Thursday, data available with stock exchanges showed.

Kotak Mahindra Bank was the top gainer in the Sensex pack, rallying over 4 per cent, after private sector lender said it will withdraw a case concerning dilution of promoters’ shareholding in the bank which it had filed against the RBI in the Bombay High Court.

Bajaj Auto, IndusInd Bank, M&M, Hero MotoCorp, Bajaj Finance and Bharti Airtel were also trading on a positive note.

On the other hand, PowerGrid, ONGC, HCL Tech, NTPC and TCS were in the red.

According to analysts, the market is now focused on the Economic Survey and the Union Budget, with high expectations of further stimulus to the economy.

Recovery global markets too buoyed investor sentiment here, traders said.

Bourses in Hong Kong, Japan and South Korea were trading with mild gains, while markets in China remained closed.

Benchmarks on Wall Street ended on a tepid positive on Thursday.

Brent crude oil futures rose 1.88 per cent to USD 58.41 per barrel.

The rupee appreciated 12 paise to 71.45 against the US dollar in morning session.

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