Mumbai, Sensex gained 226 points on Friday while the broader Nifty closed at 12,248 points led by gains in private banks such as ICICI Bank, Kotak Mahindra Bank and HDFC Bank.
Indian markets gained as global crude oil prices fell over 1 per cent. Oil prices are falling as the coronavirus outbreak in China is feared to dent economic activity in the long run.
“Market was in a consolidation mood on account of lack of fresh triggers and caution ahead of Budget which played on the minds of investors. Globally too, completion of the US-China deal has provided an opportunity for the investors to book profits as the event has ended in line with the expectation,” said Vinod Nair of Geojit Financial Services.
Broader market continued to outperform the benchmark indices such as the Nifty Midcap. All the sectors ended in green except pharma stocks. Metals and media were the top gainers followed by banks and FMCG counters.
Rahul Gupta of Emkay Global Financial Services said the upcoming Union Budget will keep rupee on the edge and it is expected to trade in a range of 71.05 and 71.60 and can act as a major resistance.
Meanwhile, fears that the outbreak of coronavirus in China may disrupt economic activity and global growth has sent the global stock markets tumbling.
Chinese health authorities on Friday said that 830 cases of pneumonia caused by coronavirus were confirmed in 29 provincial-level regions in the country. The virus has so far claimed 26 lives.
A sharp adverse reaction from Asian, US and European markets was witnessed because China is entering one of its busiest travel periods on account of its Lunar New Year holiday. The virus outbreak could hurt demand.
