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Sensex, Nifty Snap Three-day Losing Streak

Indian shares rose sharply on Friday to broke a three-day losing streak after
OPEC ended talks in Vienna without a deal on oil production cuts and media reports suggested that Warren Buffett's Berkshire Hathaway Inc plans to pick up a stake in private-sector lender Kotak Mahindra Bank.

A firmer rupee amid positive cues from Asia and Europe also bolstered investor sentiment. The rupee was up 24 paise at 70.66 against the dollar in the afternoon after the Wall Street Journal said the Federal Reserve might adopt a wait-and-see approach on future rate increases.

Meanwhile, after Thursday's drastic stock market global sell-off on growth and trade fears, IMF chief Christine Lagarde allayed investor fears about an economic slowdown.

Fears about recession appear to be overdone and the U.S. is not headed for an economic contraction in the near term, she said.

The benchmark 30-share BSE Sensex ended the session up 361.12 points or 1.02 percent at 35,673.25, while the broader Nifty index jumped 92.55 points or 0.87 percent to finish at 10,693.70.

Kotak Mahindra Bank shares soared 8.8 percent after media reports suggested that Warren Buffett's Berkshire Hathaway is looking to invest between USD 4 billion and USD 6 billion in the private sector lender by buying promoter stake or through a preferential allotment.

Dr Reddy's Laboratories, Asian Paints, Infosys, UltraTech, Bajaj Auto, Bajaj Finance, Adani Ports and Bajaj Finserv surged 2-3 percent.

Software services firm HCL Technologies lost 5 percent after it agreed to buy certain software assets from IBM for $1.8 billion.

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