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Axis Bank, L&T drive Sensex 250 points higher; Nifty tops 12,150

Broader markets were steady and traded in line with their headline peers.

ETMarkets.com|
Last Updated: Jan 23, 2020, 10.02 AM IST
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BSE---BCCL
Bajaj Auto (down 0.69 per cent at Rs 3,056), HUL (down 0.66 per cent at Rs 2,037) and Ultratech Cements (down 0.63 per cent at Rs 4,451) were among top losers in the Sensex pack of stocks.
NEW DELHI: Domestic equity indices traded on a firm note in Thursday’s opening trade, led by gains in select index heavyweights.

Meanwhile, all eyes are on the Union Budget that Finance Minister Nirmala Sithraman will be presenting on February 1. Among other things, the Street is expecting a personal tax relief in this Budget. This, if given, can help boost the economy as people will have more money in their hands to splurge.

BSE benchmark Sensex added 262 points to 41,377 while NSE flagship Nifty rose 73 points to 12,179. Broader markets were also steady and traded in line with their headline peers. Nifty Smallcap index was up 0.25 per cent while Nifty Midcap gained 0.51 per cent. Nifty 500 added 0.18 per cent to 9,964.

In the sectoral space, Nifty FMCG, Nifty Pharma and Nifty Media were down 0.3-0.7 per cent on NSE. Nifty Bank, Nifty Private Bank, Nifty IT and Nifty Financial Services were trading with marginal gains.

Axis Bank and Larsen & Toubro, that came out with their quarterly results on Wednesday, were the top gainers in the 30-pack Sensex. Axis Bank gained 2.6 per cent to Rs 731.30 while L&T added 2.34 percent to Rs 1,324.50. Infosys, Kotak Mahindra Bank and ONGC gained between 0.5 per cent and 1.5 per cent.

Bajaj Auto (down 0.69 per cent at Rs 3,056), HUL (down 0.66 per cent at Rs 2,037) and Ultratech Cements (down 0.63 per cent at Rs 4,451) were among top losers on the index.

Globally, Asian shares and US stock futures fell on Thursday as investors remained anxious about the spread of a new flu-like virus in China just as millions prepared to travel for the Lunar New Year.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.45 per cent.

Blue chip Chinese shares slumped 0.91 per cent. Australian shares were down 0.57 per cent, while Japan's Nikkei stock index slid 0.6 per cent.

US stock futures fell 0.02 per cent on Thursday in Asia.

The S&P 500 eked out a 0.03 per cent gain on Wednesday, but the overall tone on Wall Street was mixed as investors assessed the impact of the virus and braced for the corporate earnings season.

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