Market Update:Kotak Mahindra Bank falls 4% : Nifty below 10,800 , Bharat Electronics gains 2%

Kotak Mahindra Bank Falls 5% - After Block Deals Shares of Kotak Mahindra Bank fell nearly 5 per cent intraday Rs 1,225. About 5.87 crore shares or 3 per cent equity of the Mumbai-based lender changed hands in a block deal, according to Bloomberg data. While the buyers and sellers were not immediately known, quoting two bankers in the know, that ING Group is looking to sell its stake in the private lender. Trading volume was 200 times its 20-day average. The stock advanced 22 per cent in the past 12 months compared to a 6.1 per cent advance in the Sensex.

Market Opens: Benchmark indices opened flat with a negative bias on Friday with Nifty holding above 10,750 level.

At 09:17 hrs IST, the Sensex is down 36.45 points at 35861.90, while Nifty was down 15.10 points at 10774.80. About 400 shares have advanced, 347 shares declined, and 38 shares are unchanged.

Bajaj Auto, Maruti Suzuki, ICICI Bank, HUL, BPCL, HPCL, IOC, HDFC Bank are the top gainers in the morning, while losers are Kotak Mahindra Bank.

Rupee Update- The rupee skidded by 11 paise to close at 71.24 against the US dollar Thursday as rising oil prices and a strengthening greenback weighed on the market sentiment.

Oil Update - Oil prices fell on Friday after the United States reported its crude output hit a record 12 million barrels per day (bpd), undermining efforts by Middle East dominated producer club OPEC to withhold supply and tighten global markets.

Bharat Electronics gains 2%: - Shares rose as much as 2 per cent in early trade after signing an MoU with Nagpur-based JSR Dynamics. "The MoU aims at leveraging the individual design and manufacturing capabilities of BEL and JSR to develop weapons and lightweight cruise missiles," BEL said in a statement.

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