Sensex up 100 points; Nifty above 8,900

 Benchmark indices gained strength in the last hour of trade to end at near five-month highs.

After oscillating in positive and negative zones till the noon session, both the indices gained momentum before the S&P BSE Sensex ended 100.01 points (0.35%) higher at 28,761.59. The Nifty 50 index gained 28.65 points (0.32%) to close at 8,907.85. This is the first time that the Nifty is closing above the 8,900-mark after September 9, 2016.

Axis Bank was the top gainer on the NSE after reports that Kotak Mahindra Bank and many other private sector banks are in the fray for acquiring the bank. The bank’s shares closed 5.34% higher at Rs 506.75 with volumes of 1.64 crore shares.

It was a mixed day for Tata group stocks on Dalal Street after N Chandrasekaran took over as the chairman of Tata Sons. While some of the group companies ended among the top losers on the NSE, Tata Chemicals and Tata Teleservices (Maharashtra) logged in decent gains. Tata Power was the third biggest loser on the NSE, ending down 1.64% at Rs 83.95.

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