Sensex, Nifty Recover, Nifty Scales To 12000

After opening lower, benchmark indices have pared early losses and recovered in trade, with Sensex and Nifty trading higher. Nifty has onced again touched the crucial 12000 supoort level.

Sensex, Nifty Recover Ahead Of Budget 2020

On January 31, the Economic Survey 2020 presented failed to cheer the markets, with Nifty closing below 12000 points and Sensex closed lower by 190 points at 40,723.

Maruti reported a jump in its January sales with 1.54 lakh units sold.

ITC Ltd shares gained 0.85% to Rs. 237.30 after the company reported a 29.07% jump in its December quarter stand-alone profi.

HUL also traded higher by 1.66% at Rs. 2068 per share after reporting a 4 per cent sales growth for third quarter, which is the slowest expansion since demonetisation.

Nifty Realty gained more than 1% percent as the market is expecting the budget 2020 to provide an impetus in the area of affordable housing and a greater allocation under the Pradhan Mantri Aawas Yojna.

FMCG and Auto sector also gained expecting some relief from the Budget 2020 which is expected to be the decade's budget.

Meanwhile, US stocks ended the week with a sharp fall and oil markets reported the biggest decline of 16% on corona virus which is likely to effect the demand for transportation fuel.