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Sensex recovers to end at 27,117.34; Nifty closes at 8,391.50

Mumbai: Investors set out for bargain hunting on Monday that helped the benchmark Sensex stage a modest recovery at 27,117 at the close as hopes grew that the upcoming Budget on February 1 would contain steps that can ease the impact of the cash ban.

The market, which remained range-bound for the much of the session, turned better towards the end after the Supreme Court dismissed a petition seeking postponement of the Union budget on the ground of forthcoming Assembly polls in 5 states.

The 30-share Sensex moved both ways before settling at 27,117.34, up 82.84 points, or 0.31 per cent. Intra-day, it moved between 26,963.58 and 27,167.79.

The gauge had lost 274.10 points in the previous session on Friday as investors tried to look for clarity from the initial days of the Trump administration.

The broad-based NSE Nifty recovered 42.15 points, or 0.50 per cent, to 8,391.50 after hitting a high of 8,404.15 and a low of 8,327.20.

A mixed trend in Asia and a lower opening in Europe pulled back participants here as Trump’s economic policy details gradually emerge, traders said.

Volatility was the order of the day ahead of expiry of derivatives contracts this week, which is truncated due to a holiday on Thursday on account of Republic Day.

Indices in Shanghai, Hong Kong and Singapore ended higher while Japan’s Nikkei declined 1.29 per cent. European market was trading in the negative zone in early trade.

PTI