Markets spike on positive global cues
Benchmark indices broke their three-day falling streak on Friday driven by upbeat global cues, recovering rupee and a surge in Kotak Bank shares on reports that Berkshire Hathaway may pick a stake in the lender.
The BSE Sensex rallied 361.12 points, or 1.02 per cent, to close at 35,673.25. Similarly, the broader NSE Nifty jumped 92.55 points, or 0.87 per cent, to 10,693.70.
However, both the indices ended lower for the week. The Sensex fell 521.05 points, or 1.43 per cent, while the Nifty lost 183.05, or 1.68 per cent, during Kotak Mahindra Bank was the biggest gainer on both the indices, climbing nearly 9 per cent
the week. The rupee appreciated by 24 paise to 70.66 against the US dollar intraday.
Kotak Mahindra Bank was the biggest gainer on both the indices, spurting nearly 9 per cent following reports that Warren Buffett’s Berkshire Hathaway Inc was planning to
buy a stake in the private sector lender. According to media reports, Berkshire Hathaway may invest between $4 billion and $6 billion in the lender by buying promoter stake or through a preferential allotment.
Other gainers included Adani Ports, Bajaj Auto, Infosys, Asian Paints, Maruti, HUL, L&T, M&M, ICICI Bank and Reliance Industries, rising up to 3 per cent. Top losers were Sun Pharma, Coal India, YES Bank, PowerGrid and NTPC, sliding up to 2 per cent.
Indian equity market had turned cautious during the week, profit-booking was evident in anticipation of the outcome of State elections, a precursor to the general election.
“The Indian market rebounded today along with global market which has lightened up, hoping for a resolution of the US-China trade war. OPEC’s decision to delay the final resolution to cut oil output caused prices to fall, boosting sentiments in India,” said Vinod Nair, Head of Research, Geojit Financial Services.