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Nifty crosses 12,300-mark on easing tensions, Sensex up 147 points

Friday's rise helped the indices mark their first weekly gain in three weeks

Sundar Sethuraman  |  Mumbai 

Nifty crosses 12,300-mark on easing tensions, Sensex up 147 points
Analysts said that with easing geopolitical tensions, investors will be closely watching the third quarter earnings and the US-China tariff deal next week

The Nifty rose and breached the 12,300-mark for the first time, on Friday, as crude oil prices eased further on the back of easing US-Iran tensions. The benchmark rose as much as 12,311, before ending the session at 12,257 — a gain of 41 points or 0.33 per cent.

The Sensex, on the other hand, rose 147 points and closed the session at 41,600, an increase of 0.36 per cent.

Friday’s rise helped the indices mark their first weekly gain in three weeks. On Thursday, the indices posted their biggest gain in three months following an ease in crude oil prices, which fell on the hopes of de-escalation in US-Iran tensions.

“What’s also working in favour of equities are lacklustre alternative asset classes and a supportive global risk-on trade,” said Amar Ambani, head of research (institutional equities), YES Securities.

Analysts said that with easing geopolitical tensions, investors will be closely watching the third quarter earnings and the US-China tariff deal next week.

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Market players said the earnings and management commentaries would give investors insight into corporate health at a time when the economic growth is the slowest in years.

Advance estimates released by the statistics ministry on Tuesday pegged GDP growth for FY20 at 5 per cent.

Coal India, Tata Motors and Infosys were the biggest gainers in Nifty.

Foreign portfolio investors or FPIs were net buyers of equities worth Rs 578 crore, while domestic institutional investors or DIIs were net sellers to the tune of Rs 251 crore.

First Published: Sat, January 11 2020. 03:24 IST
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