Sensex and Nifty begin 2020 on a positive note as financial and IT actions progress
MUMBAI: The BSE reference sensex was set to green on the first trading day of 2020 on Wednesday, tracking the gains in the heavyweights of the Infosys index, HDFC twins and Larsen&toubro.
PowerGrid was the main winner in the sensex package, with 2.76%, followed by NTPC, M&M, L&T, Hindustan Unilever, HDFC and Infosys.
On the other hand, Titan fell more by 2.76 percent, followed by IndusInd Bank (1.72 percent) and Bajaj Auto (1.21 percent).
Experts said investor sentiment was fueled by positive macro numbers amid the lack of global signals.
Indian markets began the new year with a positive note without many signs on the global front, as the markets remained closed. Feelings remained positive when reporting that India's current account deficit (CAD) was reduced to 0.9% of GDP, or $ 6.3 billion, in September 2019 quarter, due to the lower trade deficit, said Narendra Solanki, Chief of Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares&Stock Brokers.
In the first session of the year, the main indexes lost initial gains and were marginally traded higher, as investors and traders saw the purchase of medium and small capitalization shares, Rathi added.
At the sector level, IT, consumer goods and pharmacies were marketed in green, while those of Automobiles, Metals and Finance remained weak.