INSUBCONTINENT EXCLUSIVE:
Mumbai: Benchmark equity indices Sensex and Nifty fell the most in six months in January, as concerns over China virus curbed risk appetite
and investors stayed on the sidelines ahead of the crucial Union Budget on February 1
It was also the worst January since 2016 for both the indices.
For the month, Sensex and Nifty fell 1.3 per cent and 1.8 per cent,
respectively -- the most since July.
On Friday, Sensex dropped 0.47 per cent, or 190.33 points, to close at 40,723.49, while Nifty shed 0.61
per cent, or 73.70 points, to close at 11,962.10.
Meanwhile, The Economic Survey 2020 tabled on Friday suggested the need for aggressive
disinvestment in CPSEs to bring in higher profitability, promote efficiency, increase competitiveness and promote professionalism.
Markets
India VIX jumped 3.05 per cent to 17.3100, hinting there were choppy times in store for the market in the near term.
BSE Oil - Gas and BSE
Energy index fell the most among sectoral indices
They dropped 2.65 per cent and 2.38 per cent, respectively.
A total of 18 Sensex stocks closed lower
Energy-to-telecom conglomerate Reliance Industries (RIL) and top IT major Tata Consultancy Services (TCS) contributed the most -- 101.15
They shed 2.14 per cent and 2.57 per cent, respectively.
Top lender State Bank of India rose 2.04 per cent after its December quarter net
profit jumped 41 per cent, and its asset quality showed big improvement.
Private lender Kotak Mahindra Bank was the top Sensex gainer
It climbed 3.76 per cent on agreement with the Reserve Bank of India (RBI) on promoter stake.
Tata Motors skid 5.13 per cent despite the
auto major posting a consolidated net profit of Rs 1,755.88 crore for the third quarter ended December 31, compared to a net loss Rs
Kumar, market strategist, Reliance Securities.
"Investors stayed away from taking fresh positions ahead of the big event
Focus will turn to union budget as all eyes will be on how centre is going to bring growth as any increase in spending would result in
widening of fiscal deficit
research at Geojit Financial Services.
Global markets:Asian markets battled to regain their footing on Friday as investors clutched at hopes
China could contain the coronavirus, even as headlines spoke of more cases and mounting deaths, Reuters reported
far.
Bank stocks lifted European shares on Friday, with the United Kingdom officially set to end its 40-year membership of the EU, while
broader sentiment was shaken after the WHO declared the coronavirus outbreak a global emergency, according to a Reuters report.
The
pan-European STOXX 600 rose 0.2 per cent in early trade.