The S&P BSE Sensex and NSE Nifty 50 indexes fell sharply in trade ahead of the Union Budget 2020 tracking weakness in US markets overnight after President Donald Trump declared a US public health emergency in response to the coronavirus outbreak in China and ordered up to 14-day quarantine for citizens returning from China’s Hubei province and denying entry to some foreigners. The Dow Jones shed 603 points, or 2.1 per cent to settle at 28,256, the S&P lost 58 points or 1.7 per cent to end at 3,225 and Nasdaq Composite retreated 148 points, or 1.6 per cent to close at 9,150. Back home, Prime Minister Narendra Modi’s government is likely to increase state spending on infrastructure and offer some tax incentives in its 2020/2021 budget, aiming to get growth back up from its lowest in a decade.
Here are some of the points of the share giants of the market:
ITC gains profit
ITC edged higher by 0.1 per cent to Rs 236 after it reported a 29 per cent jump in its December quarter profits
Hindustan Unilever Gains After Reporting Profit Of Rs 1,616 Crore In December Quarter
FMCG major Hindustan Unilever gained 2.3 per cent at Rs 2,081 in a soft market after reporting a 12 per cent year-on-year rise in standalone profit at Rs 1,616 crore for the December quarter compared with Rs 1,444 crore in the same quarter last year.
Sensex, Nifty Recover Early Losses; HUL, ITC Gain After Earnings
The stock markets recovered early losses led by gains in in Hindustan Unilever and ITC after they reported earnings after market hours on Friday. The Sensex which fell over 300 points was down 45 points at 40,678 and the Nifty was at 11,947, down 15 points.
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