Nifty Hits New Peak, Banking Stocks Lead Gains

NSE Nifty hit a new high today, powered by gains in banking stocks. Sentiment in the banking stocks perked up after Kotak Mahindra Bank announced a merger deal with ING Vysya Bank.

Kotak Mahindra Bank rose as much as 9.3 per cent while ING Vysya Bank gained over 2 per cent.

Nifty rose 0.6 per cent to hit a new peak of 8,461.65 while Sensex gained over 150 points to trade near its record high levels.

Indian markets were also boosted by a pullback in the rupee after the currency fell to 9-month low of 62.22/dollar yesterday. Rupee was trading at 61.84 against yesterday's close of 61.94.