Sensex snaps 3-day losing streak; ends 361 pts higher

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Mumbai, Dec 7: Equities ended the week on a strong note even as investors awaited exit polls from five state elections. The exit polls will be declared later in the day. The 50-share index closed the session above 10,650-mark.
Financials led the surge, backed by a huge jump in Kotak Mahindra Bank. Meanwhile, automobiles and consumption names were the big gainers, while the Nifty Midcap ended flat.
It was a close battle between two big index heavyweights, Kotak Mahindra Bank and HCL Technologies.
Kotak Mahindra Bank’s shares rose amid reports that Warren Buffett-owned Berkshire Hathaway is likely to buy 10 percent stake in the bank. However, the lender later issued a clarification that it is unaware of any such talks from Berkshire Hathaway.
Meanwhile, HCL Technologies cracked as the company announced buying of $1.8 billion of IBM products.
Pressure was visible on crude oil prices as the Organisation of Petroleum Exporting Countries (OPEC) decided to cut supply, but was unable to provide a quantum for the same.
At the close of market hours, the Sensex was up 361.12 points or 1.02% at 35673.25, while the Nifty was higher by 92.50 points or 0.87% at 10693.70. The market breadth was negative as 1077 shares advanced, against a decline of 1458 shares, while 155 shares were unchanged.
Kotak Mahindra Bank, Adani Ports, and Bajaj Finserv were the top gainers, while Sun Pharma, Coal India, HCL Tech and GAIL lost the most.
Stocks in the news
Shares of HCL Technologies shed 5 percent after the company announcing buying of some IBM software products.
Kotak Mahindra Bank’s shares rose 10 percent on reports of stake purchase by Berkshire. But, the lender clarified of not being unaware of any talks from Berkshire.
Shares of Sagar Cements added more 3 percent after the company reported strong set of numbers for the month of November, 2018
Shares of Coal India fell 2 percent after promoter sold its stake in the company.
Larsen & Toubro shares gained a percent after its subsidiary bagged orders worth Rs 2,547 crore in its power transmission & distribution segment.
Global Markets
European stocks were higher as investors kept an eye on local economic data. Stoxx 600 was up over 1.1 percent.
Meanwhile, shares in Asia were mixed on a report that US central bank may slower rate hikes than its previous expectations. The Shanghai composite and the Shenzhen composite were flat at around 2,605.89 and about 1,350.70, respectively. The Hang Seng index in Hong Kong traded down by around 0.1 percent as of its final hour of trade.