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Kotak Mahindra Bank leads market higher, Nifty settles near 10,700

The 30-share benchmark Sensex surged 361 points to 35,673 at close, while the broader 50-share Nifty gained 92 points to 10,694 led by Kotak Mahindra Bank, Infosys and Reliance.

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By Sudarshan Kumar  December 7, 2018, 4:49:39 PM IST (Updated)

Kotak Mahindra Bank leads market higher, Nifty settles near 10,700
Indian shares snapped its three-day losing streak to close with gains on Friday. For the week though, both the NSE Nifty50 and the BSE Sensex slipped over 1 percent each. The 30-share benchmark Sensex surged 361 points to 35,673 at close, while the broader 50-share Nifty gained 92 points to 10,694 led by Kotak Mahindra Bank, Infosys and Reliance.


HCL Technologies that announced $1.8 billion deal to acquire select IBM Software products, tanked 5 percent. On the other hand, Kotak Mahindra Bank surged up to 13 percent intra-day after sources told CNBC-TV18 that Warren Buffett’s Berkshire Hathaway is considering buying 10 percent stake in Uday Kotak-led private bank.

Kotak Mahindra Bank, however, later clarified to exchanges that it was unaware of any such development.

In the broader markets, Nifty Bank moved 396 points higher to 26,594, with nearly 80 percent of gains coming from Kotak Mahindra Bank. The Midcap index though closed flat at 17,054, keeping market breadth in favour of declines with NSE Advance-Decline ratio at 3:4.

In the derivatives space, Nifty 10,900 Call option shed 2 lakh shares in the open interest with premium moving 51 percent higher, while Nifty 10,600 Put option added a little above 5 lakh shares in the open interest with premium slipping 29 percent. Nifty December futures closed with a premium of 53 points against a premium of 25 points on Thursday.

Meanwhile, the government on Friday appointed ISB Professor Krishnamurthy Subramanian as the Chief Economic Adviser for three years.

Shares in Asia ended mostly higher on Friday after a report suggested the US Federal Reserve could consider a slower tempo of increasing interest rates than had been previously expected.

The hard-hit mainland Chinese markets ended the trading day mostly unchanged, with both the Shanghai composite and the Shenzhen composite largely flat at around 2,605.89 and about 1,350.70, respectively.

Meanwhile, the Hang Seng index in Hong Kong traded down by around 0.1 percent as of its final hour of trade. Japan’s Nikkei 225 rose 0.82 percent to close at 21,678.68, while the Topix index gained 0.61 percent to finish the trading week at 1,620.45.

Shares of Softbank, which saw significant declines in the previous trading day, extended losses as it fell 2.1 percent on the day. The company had earlier announced that there was no change in its earnings and dividend forecasts after a mobile service outage on Thursday.

Over in South Korea, the Kospi gained 0.3 percent to close at 2,075.76, with shares of chipmaker SK Hynix rising 1.2 percent.

The ASX 200 in Australia rose 0.4 percent to close at 5,681.50, with almost sectors in positive territory. That was a rebound from Thursday, when the index saw declines amid a broader sell-off across the Asia Pacific region.