Sensex, Nifty rise to record; banks gain on Kotak-ING deal

Reuters Market Eye - The BSE Sensex and Nifty hit fresh record highs on Wednesday with banking stocks leading the gainers.

The 30-share Sensex rose as much as 0.9 percent to mark a record high of 28,320.99 while the broader Nifty gained as much as 0.95 percent to hit a life high of 8,482.

The Sensex was up 0.65 percent while the Nifty was trading 0.7 percent higher at 12:32 p.m.

Kotak Mahindra Bank surged to a record high of 1,264.70 rupees after buying smaller rival ING Vysya Bank in a $2.4 billion share deal.

Axis Bank rose 2.86 percent, IndusInd Bank was up 1.53 percent, while HDFC Bank gained 0.88 percent.

 

(Reporting Abhishek Vishnoi)