Banking, Media stocks lead market rally; IT reels under pressure

The most active stocks on the NSE were HCL Tech, Kotak Mahindra Bank, Sun Pharma, Yes Bank, and Sun Pharma.

Dec 07, 2018 10:12 IST India Infoline News Service

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Equity benchmark indices extended their gains during morning trade on Friday with heavyweights Kotak Mahindra Bank, Infosys, ITC, and HDFC Bank boosting the markets higher.

The Nifty Private Bank index rose 1.2% led by Kotak Mahindra Bank, which has jumped over 6.2%, while South Indian Bank, ICICI Bank, and HDFC Bank were the other gainers.

Shares of Kotak Mahindra Bank rose 6% on the NSE after media reports stated that Warren Buffett-led Berkshire Hathaway is in talks to acquire a stake in the private lender. Read here

OMC stocks rose in response to the overnight fall in crude oil prices. BPCL, HPCL, and IOC were trading in the range of ~1-1.5%. Read here

Meanwhile, Nifty Media was the best performer led by gains in Zee, which jumped 3%, followed by EROS International Media and DB Corp.

In the Realty space, Oberoi Realty, Sobha, Prestige, and Indiabulls Real Estate led the rally.

On the other hand, the Nifty IT index was reeling under pressure and was down 1% at 14,546. HCL Tech declined 6% followed by Wipro, Mindtree, NIIT Tech, and Tech Mahindra.

The Sensex was up 202 points at 35,514, while the Nifty was up 40 points at 10,640.

Kotak Mahindra Bank, Zee, Asian Paints, Dr.Reddy’s, and Adani Ports were the top Nifty gainers, while HCL Tech, GAIL, Yes Bank, Indiabulls HF, and JSW Steel were among the top losers.

The most active stocks were HCL Tech, Kotak Mahindra Bank, Sun Pharma, Yes Bank, and Sun Pharma.

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