Sensex climbs over 1,100 points; HDFC shares surge on merger plan
Sensex climbs over 1,100 points; HDFC shares surge on merger plan
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The Sensex jumped more than 1,100 points in early trade on Monday, fueled by big gains in index majors HDFC Bank and HDFC amid mixed Asian market trends.

The 30-share Sensex soared 1,143.78 points to 60,420.47 points in morning session, while the broader Nifty 50 also enjoyed strong tendencies, climbing more than 302.20 points to 17,972.65 points. HDFC's stock increased by 8.37 percent to Rs 2,656.10, while HDFC Bank's shares increased by over 8% to Rs 1,623.65.

In the Sensex pack, 24 stocks were in the green, while 6 were in the red. Other big gainers in the 30-share group include Bajaj Finance, Kotak Mahindra Bank, Tech Mahindra, Titan, and Larsen & Toubro, in addition to the HDFC twins. Infosys, M&M, Maruti, ITC, and UltraTech Cement, on the other hand, were among the laggards.

HDFC and HDFC Bank were the top Nifty gainers as the stocks climbed 9.12 percent and 9.83 per cent, respectively, after the merger announcement. HDFC Ltd shareholders, As part of the deal,  would receive 42 shares of the bank in exchange for their 25 shares. HDFC Ltd's existing shareholders will own 41 percent of HDFC Bank. HDFC Bank will become a fully public corporation after the HDFC home finance’s shares in the lender are cancelled. Adani Ports, HDFC Life and Kotak Mahindra Bank were also among the gainers.

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