ECONOMY ANALYSIS
- Nifty closes above 8400 amid M&A buzz
- Kotak Mahindra, ING Vysya rally 7% on acquisition buzz
- Bosch, Strides Arcolab, Amtek Auto up on NSE F&O inclusion
- CBI to probe RBI's role in Bank of Rajasthan merger case
- China Nov flash HSBC PMI falls to 50, output shrinks for first time in 6 months
MARKET ANALYSIS
- Equities held on to their late gains, with both the Sensex and Nifty closing above key 28,000 and 8,400 marks. At close, the Nifty rose 0.22 percent, or 19 points, to 8,401 while the Sensex gained 0.12 percent, or 34 points, to 28,067.
- Early in the day, high beta shares edged lower, but several sectors such as banks and oil & gas staged a smart recovery to close in the green. Metals and capital goods, though, closed 0.8 percent lower. But the best performers of the day were IT and pharma, both helped by a depreciation in the rupee. Cipla jumped 3.2 percent after announcing it had tied up with Serum Institute of India to launch vaccines in Europe.
- The IT pack got a further boost with Tech Mahindra rallying about 3 percent, amid speculation it would announce an acquisition at a press conference it has scheduled at 4 pm today.
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