Nifty, Sensex close higher, banking stocks shine

Reuters Bengaluru, Karnataka, India Jan 24, 2020, 05.18 PM(IST)

File photo. Photograph:( Reuters )

Story highlights

The NSE Nifty 50 Index ended 0.56 per cent higher at 12,248.25, while the S&P BSE Sensex closed down 0.55 per cent at 41,613.19

Indian shares ended firmer on Friday, with banking stocks leading gains, as investors assessed a raft of corporate earnings and awaited the release of the federal budget next week.

The NSE Nifty 50 Index ended 0.56 per cent higher at 12,248.25, while the S&P BSE Sensex closed down 0.55 per cent at 41,613.19.

However, poorly received financial results from a few index heavyweights dragged the Nifty 0.84 per cent lower this week, while analysts also expected markets to remain volatile until the federal budget on February 1, which could include government measures to revive economic growth.

Ultratech Cement Ltd, a Nifty component, gained 2.6 per cent after reporting on Friday an increase in its profit for the quarter ended December.

The Nifty banking index ended 0.77 per cent firmer, with Kotak Mahindra Bank closing 2.3 per cent higher. Private-sector lender Yes Bank was the top gainer in the index with a 4.5 per cent jump. Yes Bank stock, which rose for the third consecutive session, dropped 9 per cent so far this year.