Equity gauges close higher ahead of Union Budget for FY 20

Indian equities closed marginally high on Thursday, a day before the presentation of Union Budget for 2019-20 that investors hoped will announce measures to reverse the slowdown in the economy.

Earlier, the government forecast economic growth could get back up to 7 per cent this year but cautioned that it may face fiscal challenges.

The BSE S & P Sensex closed 69 points higher at 39,908 while the Nifty 50 moved up 30 points to close at 11,947. At the National Stock Exchange (NSE), most sectoral indices were in the green except for metal, media, and pharma.

Among stocks, UPL gained 6.8 per cent to close at Rs 696.55 per share while Bharti Airtel was up 2.5 per cent. Britannia, Tata Motors and Ultra Cements also showed some gains.

However, Yes Bank and Titan shed nearly 3 per cent. Zee Entertainment, JSW Steel and HCL Tech were other prominent losers.

Meanwhile, Asian stocks saw modest gains, tracking solid gains on Wall Street as data pointed to slowing economic growth in the United States. Investors hoped for interest rate cuts by the Federal Reserve as soon as this month.

Shares in Japan, Australia, and South Korea rose but China and Hong Kong shares were little changed due to uncertainty over US-China trade disputes.