Markets start 2020 on a cautious but positive note

Mumbai: Sensex and Nifty on Wednesday closed slightly higher in the first trading session of 2020. The Sensex closed 52.28 points higher at 41,306.02, while the Nifty closed at 12,189.70, higher by 21.25 points.

Monthly auto sales data during December were mixed. Both Maruti and M&M reported better than expected sales and consequently, their stocks closed in the green. The Nifty auto index, however, closed lower by 0.47 percent.

Aviation Turbine Fuel (ATF), or jet fuel, prices were increased by 2.6 percent on Wednesday to Rs 64,323.76 per kilolitre, from Rs 62,686.51 in the national capital.

Spice Jet closed 3.28 percent at Rs 116.40 a share, while Jet Airways gained nearly 5 percent at Rs 30.50 apiece. IndiGo inched higher by 0.39 percent to Rs 1,338.70.

Vinod Nair of Geojit Financial Services said that “the market traded positive in the first leg of trade based on the government’s plan for major investment in infrastructure expenditure.

“But given concerns over fiscal prudence and plans to use funds from the Centre, state and private limited the gains due to lack of liquidity,” he added.

Globally, however, there were positive cues after the US President said America would be signing a very large and comprehensive Phase 1 trade deal with China on January 15. (IANS)

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