Mar­kets spike on pos­i­tive global cues

The Hindu Business Line - - MARKET RADAR - BLOOMBERG

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.

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