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Market Wrap Up

Closing Bell: Sensex ends 361 points higher ahead of exit polls, Nifty just short of 10,700; Kotak Bank up 9%.

Equity benchmarks ended the session on a positive note, with the Nifty ending well above 10,650-mark.
Investors awaited cues from exit polls of elections in five states.
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.
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.


ICRA has revised Jet Airways’ long term loans and NCD rating to ‘C’ from ‘B’, while the outlook is negative.
Shares of Dilip Buildcon rose 4.4 percent as company bagged order worth Rs 1,000 crore from Mahanadi Coalfield.
Kotak Mahindra Bank, in an exchange filing, has said that it is unaware of any plans by Berkshire Hathaway to buy a stake in the bank. The lender has issued a clarification based on a story by CNBC-TV18 that Warren Buffet company was looking to buy 10 percent stake.

Russia wants to cut oil output by max 150,000 bpd for first three months of 2019, according to Reuters reports.
Sebi imposed a fine of Rs 5 lakh on Bampsl Securities for violating disclosure norms regarding the change in shareholding of Kay Power Paper. The Securities and Exchange Board of India (Sebi) conducted a probe regarding the trading in the scrip of Kay Power from June to August, 2014.
Techno Electric has bagged orders worth Rs 313 crore.
GAIL India shares fell 4.5 percent in morning after global research house feels upcoming quarterly results for the company may be quite weak.

The crucial resistance for Nifty spot is now seen at 10800 and above this 10960 Support for the immediate term is now placed at 10510 next support will be 10420.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
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