A bout of volatility was witnessed as key benchmark indices trimmed gains after extending initial gains. At 10:20 IST, the barometer index, the S&P BSE Sensex was up 160.50 points or 0.63% at 25,754.25. The Nifty 50 index was currently up 46.75 points or 0.6% at 7,878.15. Bank stocks edged higher after the Rajya Sabha passed the Insolvency and Bankruptcy Code, 2015 yesterday, 11 May 2016.
The Sensex hit two-week high when it rose 229.51 points or 0.89% at the day's high of 25,827.03 in morning trade. The barometer index gained 79.30 points or 0.3% at the day's low of 25,676.32 at the onset of the trading session. The Nifty, too, hit a two-week high when it gained 67.20 points or 0.85% at the day's high of 7,916.05 in morning trade. The index rose 22.60 points or 0.28% at the day's low of 7,871.45 at the onset of the trading session.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,308 shares rose and 464 shares fell. A total of 86 shares were unchanged. The BSE Mid-Cap index was currently up 0.57%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.77%, outperforming the Sensex.
In overseas stock markets, most Asian markets were in red after overnight losses for US stocks. US stocks dropped yesterday, 11 May 2016, as disappointing earnings from Walt Disney Co. and a slump in stock prices of retailers led to selling.
Bank stocks edged higher after the Rajya Sabha passed the Insolvency and Bankruptcy Code, 2015 yesterday, 11 May 2016. Among public sector banks, Punjab National Bank (up 0.69%), Bank of Baroda (up 0.96%), State Bank of India (SBI) (up 1.22%), Union Bank of India (up 0.73%), Canara Bank (up 1.02%), and Bank of India (up 0.69%) edged higher.
Among private sector banks, Axis Bank (up 1.44%), ICICI Bank (up 2.7%), Kotak Mahindra Bank (up 0.16%), HDFC Bank (up 0.16%), Yes Bank (up 1.02%) and IndusInd Bank (up 0.26%) edged higher.
The news of Rajya Sabha's clearance for the bankruptcy bill hit the market after trading hours yesterday, 11 May 2016. The Lok Sabha passed the bankruptcy bill on 5 May 2016. Once the bill becomes a law, it will help creditors recover bad debt faster. The bankruptcy bill aims to provide single unified law for timely resolution of insolvency and bankruptcy related cases in India. The law will come into force when it receives President of India's assent.
Capital goods stocks gained. Bharat Heavy Electricals (Bhel) (up 1.19%), Havells India (up 0.76%), ABB India (up 0.61%), Bharat Electronics (up 0.68%), BEML 9up 1.32%), L&T (up 1.04%), Thermax (up 0.98%), and Siemens (up 0.27%) gained.
Apollo Tyres fell 0.85% after consolidated net profit declined 20.27% to Rs 245.16 crore on 5.35% decline in net sales to Rs 2966.12 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 11 May 2016. Apollo Tyres' board of directors at its meeting held yesterday, 11 May 2016, approved the issue of non convertible debentures aggregating to Rs 1000 crore on private placement basis, in one or more tranches.
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