Sensex, Nifty Snap Three-Day Losing Streak Ahead Of Exit Polls
Closing Bell: Sensex Surges Over 350 Points Led By Kotak Bank, Infosys
Indian equity benchmarks snapped their three-day losing streak led Kotak Mahindra Bank, Infosys, Reliance Industries and HDFC twins ahead of exit polls for state elections due later in the day.
The S&P BSE Sensex rose 1 percent or 361 points to 35,673 and the NSE Nifty 50 Index climbed 0.9 percent or 93 points to 10,694.
Kotak Mahindra Bank surged the most in over four years, after CNBC-TV18 reported, quoting unidentified people, that Warren Buffett’s Berkshire Hathaway Inc. is in talks to buy a 10 percent stake in the private sector lender. However, Kotak Mahindra Bank said it was unaware of any plans by Berkshire Hathaway to buy a stake.
Thirteen of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Bankex Index's 1.7 percent gain. On the flipside, the S&P BSE Utilities Index was top loser, down percent.
Mid- and small-cap shares underperformed their larger peers as the S&P BSE MidCap Index rose 0.2 percent while S&P BSE SmallCap Index fell 0.3 percent.
Government Appoints Krishnamurthy Subramanian As Chief Economic Adviser
Government has appointed Krishnamurthy Subramanian as the Chief Economic Adviser for a term of three years.
Krishnamurthy Subramanian is currently serving as associate professor and executive director, Centre For Analytical Finance at Indian School of Business.
Kotak Bank, Dilip Buildcon Among Fab Four Stocks Of The Day
- Dilip Buildcon: The Bhopal-based road developer rose as much as 4.32 percent, the most in three weeks, to Rs 451.10 after it won Rs 1,000 crore from Mahanadi Coal Field.
- Kotak Mahindra Bank: The Uday Kotak-led private sector lender rose as much as 14 percent, the most in over eight years, to Rs 1,345.95 after CNBC-TV18 reported, quoting unidentified people, that Warren Buffett’s Berkshire Hathaway Inc. is in talks to buy a 10 percent stake in the private sector lender.
- Siemens: The Mumbai-based electrical power equipment maker rose for second day in a row and gained as much as 4 percent to Rs 960 after Macquarie yesterday upgraded the stock to ‘Outperform’ from ‘Underperform’; hiked price target to Rs 1,128 from Rs 811.
- Tube Investments: The Chennai-based metal products maker rose as much as 4.8 percent to record high of Rs 336.65.
Jet Airways Drops After ICRA Downgrades Long Term Credit Rating
Shares of the Mumbai-based airline operator erased gains and fell as much as 2.32 percent to Rs 271.25 after credit rating agency downgraded its long-term rating on loans and non-convertible debenture to C from B.
ICRA rating revision on delay in liquidity initiative, Jet Airways said in an exchange filing.
Finolex, APL Apollo Among Stocks Moving On Heavy Volumes
- Finolex Industries: The Pune-based PVC pipes maker rose as much as 1.5 percent to Rs 524. Trading volume was 17 times its 20-day average.
- APL Apollo Tubes: The Delhi-based steel tubes maker fell as much as 1 percent to Rs 1,304. Trading volume was nine times its 20-day average.
- Blue Dart: The Mumbai-based courier services provider fell as much as 0.7 percent to Rs 3,079. Trading volume was eight times its 20-day average.
- Magma Fincorp: The Kolkata-based non-banking finance company fell as much as 6.2 percent to Rs 108.30. Trading volume was six times its 20-day average.