Sensex recovers 39 points ahead of Rail Budget

Snapping its two-day losing streak, the benchmark BSE Sensex recovered about 39 points in early session today on buying by investors ahead of the Rail Budget to be announced later in the day amid mixed global cues.

Besides, covering-up of short positions in view of February derivatives expiry gave the upside some momentum. The 30-share barometer, which had lost 699.86 points in the previous two sessions, rebounded 38.66 points, or 0.16 per cent, to 23,127.59.

Similarly, the 50-share NSE Nifty moved up by 15.50 points, or 0.22 per cent, to 7,034.20. Brokers said increased buying by investors in blue-chips ahead of the Rail Budget buoyed mood.

Stocks of companies related to railway such as Titagarh Wagon and BEML edged up by 0.85 per cent and 0.39 per cent, respectively, to Rs 124.80 and Rs 1,021.95. Besides, capital goods, consumer durable, metal, PSU, healthcare and auto stocks saw some demand.

Meanwhile, Japan’s Nikkei ticked up 0.70 per cent while Hong Kong’s Hang Seng was down 0.62 per cent in early trade today. Shanghai Composite plunged 2.44 per cent, weighed down by concerns over a slowing economic growth ahead of a meeting of the G20 group of countries.

The US Dow Jones Industrial Average ended 0.32 per cent higher in yesterday’s trade.