The headline indices- Sensex and Nifty- ended Friday’s session with strong gains on positive global cues, helped by a rally in Kotak Mahindra Bank shares and consumption stocks. The 30-share Sensex closed at 35,673.25, up by 362 points, while the broader Nifty 50 closed just 7 points shy of 10,700-level.
Earlier, the shre market opened higher following the OPEC meet and US Federal Reserve’s signal to pause rate hikes. HCL Tech shares plunged 4% to Rs 958.15 after the firm agreed to acquire some software assets from IBM for $1.8 billion, in one of the biggest acquisitions by an Indian IT firm. Kotak Mahindra Bank share price gained more than 13% to intra-day high of Rs 1,345.95, after media reports said that bilionaire investor Warren Buffett is eyeing a stake in the bank. Auto stocks Maruti Suzuki, Tata Motors and Bajaj Auto gained up to 1.5%.
Earlier, SGX Nifty futures was trading 67 points higher at 10,691, indicating a positive start for the Sensex and the Nifty. Asian shares fought to sustain the slimmest of recoveries on Friday amid speculation the Federal Reserve might be “one-and-done” with U.S. rate hikes, while oil fell anew as producers bickered over the details of an output cut, Reuters reported. Oil prices fell on Friday, pulled down by OPEC’s decision to delay a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia.