Index heavyweights ITC and Infosys and metal stocks led gains for key benchmark indices. The barometer index, the S&P BSE Sensex, gained 188.95 points or 0.74% at 25,708.17, as per the provisional closing data. The gains for the 50-unit Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty rose 72.50 points or 0.93% at 7,834.45, as per the provisional closing data. Bank stocks edged higher after the government tabled the bankruptcy bill in Lok Sabha for its discussion and passage.
The broad market depicted strength. There were almost two gainers against every loser on BSE. 1,786 shares rose and 913 shares fell. A total of 210 shares were unchanged. The BSE Mid-Cap index was provisionally up 0.64%, underperforming the Sensex. The BSE Small-Cap index was provisionally up 0.82%, outperforming the Sensex.
In overseas equity markets, European stocks edged higher and trading in US index futures pointed to a recovery for US stocks after a sharp slide during the previous trading session triggered by fears that collapsing oil prices might impact banks with exposure to highly-leveraged energy companies. Trading in US index futures indicated that the Dow Jones Industrial Average could gain 132 points at the opening bell today, 21 December 2015. Earlier during the global day, Asian stocks witnessed a mixed trend.
Index heavyweight and cigarette major ITC advanced 2.6% to Rs 325.50. The stock hit a high of Rs 326.60 and low of Rs 316.50 in intraday trade.
Bank stocks edged higher after the government today, 21 December 2015, introduced the bankruptcy bill in Lok Sabha for its discussion and passage. Among private bank stocks, ICICI Bank (up 2.96%), Axis Bank (up 2.13%), IndusInd Bank (up 0.87%), Yes Bank (up 0.17%) and Kotak Mahindra Bank (up 0.15%) rose. HDFC Bank shed 0.21%.
Among PSU bank stocks, State Bank of India (SBI) (up 1.7%), Punjab National Bank (up 0.49%), Bank of Baroda (up 0.31%), Canara Bank (up 0.39%), IDBI Bank (up 1.97%), Bank of India (up 0.43%) and Union Bank of India (up 2.03%) rose.
The Insolvency and Bankruptcy Code 2015 will ensure better debt recovery for creditors. The bill aims to make it easier for sick companies to either wind up their businesses or engineer a turnaround. The bankruptcy bill seeks to enact a single bankruptcy code to cut down the time to resolve insolvency cases to less than a year, according to media reports.
Mahindra & Mahindra (M&M) gained 2.63% on reports that the company is developing petrol engines for its existing vehicles after the Supreme Court temporarily banned the sale of large diesel cars in Delhi. M&M is among the worst hit by the ban because its mainstay is diesel sport utility vehicles (SUVs) with engine capacity of more than 2,000 cc that cannot be sold in the capital until 31 March 2016. It may be recalled that the Supreme Court had last week imposed a ban on registration of new diesel SUVs and private cars in Delhi with an engine capacity of over 2000cc until 31 March 2016, to rein in the alarming pollution levels in the capital city.
Powered by Capital Market - Live News
