Stock Trading Tips :: Market end at Record high

Indian markets traded with strong gains, with the Nifty recording a fresh all-time high but closing marginally short of the 8,500 mark it has never scaled.

The Sensex rose 0.95 percent, or 267 points to end at record closing high of 28,334 while the Nifty jumped 0.9 percent, or 75 points to 8,477.

Banks led the charge all day with Kotak Mahindra Bank rising 3.67 percent to hit a record high after it announced a USD 2.5 billion worth all-share merger deal with ING Vysya that would make it India’s fourth largest private bank behind ICICI, HDFC and Axis. ICICI (up 2.53 percent) too hit fresh lifetime highs.

Brokerages were largely positive on the Kotak-ING deal with many saying that while it may immediately pressure some of Kotak’s metrics such as return on equity, it would help it in the long term by boosting its presence in the South where ING is focused, as well as by incorporating its SME lending book.