Nifty closes at 12,130, Tata Motors top performer

Equity benchmark indices ended higher on Wednesday due to buying seen in select metal, FMCG and auto stocks while investors hoped for market-friendly proposals in the upcoming Union Budget for 2020-21.

The BSE S & P Sensex closed 232 points higher at 41,199 while the Nifty 50 ticked up by 74 points at 12,130. Except for Nifty pharma, all sectoral indices at the National Stock Exchange were in the green with Nifty FMCG lifting up by 1.3 per cent, metal by 0.9 per cent and auto by 0.8 per cent.

Among stocks, Tata Motors advanced by 6.8 per cent to Rs 188.10 per share. Bajaj Finance jumped over 5 per cent after its third quarter earnings beat analyst expectations.

FMCG majors Nestle India moved up by 2.8 per cent each while JSW Steel was up by 2.3 per cent. The other prominent gainers included Bajaj Finserv, Adani Ports, Power Grid Corporation and Infosys.

However, Eicher Motors dipped by 4.5 per cent. Yes Bank, Dr Reddy's, Tata Consultancy Services and HDFC too closed in the red.

Meanwhile, Asian shares erased earlier gains and slipped into negative territory as a spike in new Chinese virus cases sent Hong Kong stocks tumbling and fueled fears about the economic impact of the outbreak.

Hong Kong shares fell by 2.82 per cent, led by declines in financial services, real estate and consumer goods companies.

But Japan's Nikkei stock index advanced by 0.71 per cent and South Korea's Kospi also added 0.39 per cent. Markets in China were closed for a holiday.

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