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Friday, November 21, 2014

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INDIAN BENCHMARKS soar to record ; banks surge on Kotak-ING deal

INDIAN EQUITY BENCHMARKS  soared to record highs on Friday as lenders surged after Kotak Mahindra Bank's acquisition of ING Vysya sparked hopes for further consolidation in the sector, while expectations of more reforms in the winter session of Parliament also helped. The BSE Se nsex and the CNX Nifty ended 0.95%-0.90% higher each.

Cox & Kings fell 2.44% after the Board of Directors of the company at its meeting held on November 20, 2014 decided to open the qualified institutional placement issue.

Further , Yes Bank rose 4.01%, after the central bank allowed the purchases of the bank's shares by the foreigners after foreign holding fell below the caution limit.

Future Consumer Enterprise surged 9.14% after company completed the acquisition of the Nilgiris convenience store chain in the southern states of Kerala, Karnataka, Andhra Pradesh and Tamil Nadu.

The crucial resistance for Nifty is now seen at  8515 and above this 8550. Support for the immediate term is now placed at 8445 and next support will be 8375.

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