Nifty rises to record; banks gain on Kotak-ING deal

Reuters Market Eye - The BSE Sensex and Nifty rose on Friday with the 50-share index hitting a record high. The broader Nifty rose as much as 0.7 percent to mark a record high of 8,461.65.

The BSE Sensex was up 0.65 percent, just 0.16 percent away from record high.

Bank stocks led the gainers.

Kotak Mahindra Bank's acquisition of ING Vysya Bank added to confidence in the Indian economy and its lenders, said traders.

Kotak Mahindra Bank surged to record high after buying ING Vysya Bank in record $2.4 billion share deal.

Axis Bank rose 2.6 percent, IndusInd Bank was up 1.6 percent, while HDFC Bank gained 0.23 percent.

 

(abhishek.vishnoi@thomsonreuters.com / abhishek.vishnoi.thomsonreuters.com@reuters.net)