Sensex rallies 193 points on Bankruptcy Bill approval, Nifty settles above 7,900

By: | Updated: May 12, 2016 4:10 PM

Sensex closed 193.20 points up at 25790.22, while Nifty index settled 51.55 points up at 7,900.40.

ITC shares, BSE SensexSensex closed 193.20 points up at 25,790.22, while Nifty index settled 51.55 points up at 7,900.40. (Photo: Reuters)

Domestic benchmark indices BSE Sensex and NSE Nifty rallied on Thursday after the Rajya Sabha on Wednesday passed a new Bankruptcy Code to address corporate debts and improve the ease of doing business. The sentiment also got some support after a UN report said that despite delay in domestic policy reforms, India’s economy is slowly gaining momentum and is projected to grow by 7.3 per cent this year.

Sensex closed 193.20 points up at 25790.22, while Nifty index settled 51.55 points up at 7,900.40.

Barring the BSE Capital Goods index (down 0.04 per cent), rest all other sectoral indices on the BSE closed in green. The BSE Realty, TECk, Consumer Durables, Information Technology index gained over 1 per cent.

Investors however remained cautious ahead of Industrial Production (IIP) for March and Consumer Price Index (CPI) data for April due to be released later in the day.

In scrip specific development, Sutlej Textiles and Industries soared 12.25 per cent after the Rajasthan-based textile maker reported a big jump in its fourth quarter net profit. The company’s net profit jumped 78 per cent to Rs 49 crore in the March quarter on a year-on-year basis.

Vinod Nair, head of research, Geojit BNP Paribas Financial Services, said, “The optimism over better fourth quarter earnings coupled with the passage of the Bankruptcy bill helped the market to hold traction.”

Global cues remained mixed with European counters making mostly a positive start, while Asian markets ended mixed following a dismal day on Wall Street, while the dollar took a breather from this week’s rebound and crude oil gave back some of its recent gains.

Asian markets bse sensex


 

Markets through the day

3.30 pm: Sensex closed 193.20 points up at 25790.22, while Nifty index settled 51.55 points up at 7,900.40.

3.20 pm: Sensex surged further and was trading 205 points up at 25802. Nifty was up 56.55 points at 7,905.

3.14 pm: Srei Infrastructure shares advanced over 3 per cent after the company reported 52.48 per cent rise in its consolidated net profit figures at Rs 20.54 crore for the quarter ended March 2016 against Rs 13.47 crore in the same quarter last year. The scrip was trading 3.89 per cent up at Rs 60.15.

3.01 pm: Arvind Ltd posted a rise of 7.75 per cent rise in its net profit at Rs 73 crore for the quarter ended March 2016 as compared to Rs 67.75 crore for the same quarter in the previous year. Shares of Arvind were trading 0.68 per cent up at Rs 174.78.

On consolidated basis, Arvind posted over two fold jump in its net profit after taxes & minority interest at Rs 110.33 crore for the quarter ended March 31, 2016 as compared to Rs 48.23 crore for the corresponding quarter in the FY15.

2.18 pm: NIIT, a global leader in skills and talent development, and edX, the non-profit global leader in online learning co-founded by Harvard University and the Massachusetts Institute of Technology (MIT), have entered into a strategic partnership to redefine the online education space in India. Through this partnership NIIT and edX aim to create high-impact learning experiences for learners by offering a next generation Blended Learning MOOC model that provides an engaging and live interactive experience that goes much beyond the core MOOC content. Shares of NIIT wer trading 2.59 per cent up at Rs 83.15. Sensex was up 151 points at 25748.07. Nifty was up 42.55 points at 7,891.

1.46 pm: Dr Reddy’s Laboratories announced its financial results for the fourth quarter ended March 2016 on Thursday. The company registered 85.62 per cent fall in consolidated net profit figures at Rs 74.60 crore for the quarter under review. It had posted a net profit of Rs 518.80 crore in the same quarter last year. Shares of Dr Reddy’s Labs were trading 1.67 per cent up at Rs 2,917.

12.54 pm: Apollo Tyres shares hit their 3-month low in the early trade on Thursday after the company reported 20.26 per cent decline in its consolidated net profit at Rs 245.16 crore for the fourth quarter ended March 31, 2016, hit by import of Chinese tyres into the country. However, the scrip reversed its initial losses and was trading in green in the afternoon trade. Read more

Sensex was up 98 points at 25695. Nifty was trading 29.55 points up at 7,878.40.

12.26 pm: Sensex was up 140 points at 25,737. IFCI has sold 2.25 crore shares of realty major Unitech on National Stock Exchange (NSE) at a price of Rs 4.24 per share on May 11, 2016. Shares of IFCI were trading 0.61 per cent up at Rs 24.65.

11.55 am: Jewellery exporter and retailer Rajesh Exports (REL) on Thursday said its Board will meet next month to consider an acquisition in the Middle East to expand its global footprint. Stocks of the company were trading 2 per cent up at Rs 573.25. Sensex was trading 152.56 points up at 25,749.58, while NSE Nifty bwas trading 47.40 points up at 7,896.25.

Read more: How to spot cheap stocks using P/E ratio; 5 wealth creating ideas

11.26 am: Dr Reddy’s shares stocks were trading 1.05 per cent up at Rs 2899.40 ahead of its fourth quarter results. Sensex was trading 132.45 points up at 25,729.47, while NSE Nifty was trading 42.75 points up at 7,891.60.

10.51 am: Asian Paints hit their new all-time high of Rs 928 on Thursday after the company on Wednesday reported 19.88 per cent rise in its consolidated net profit figures at Rs 408.75 crore for the quarter ended March 2016 against Rs 340.97 crore in the same quarter a year ago. Read More

Sensex was up 133 points at 25,730.

10.57 am: Apollo Tyres were trading 1.04 per cent down at Rs 151.80 after the company reported a 20.26 per cent decline in consolidated net profit at Rs 245.16 crore for fourth quarter ended March 31. Sensex was trading 128.61 points up at 25,725.63. Nifty was trading 39.85 points up at 7,888.70.

10.22 am: The rupee was trading lower by 7 paise at 66.63 against the US dollar in early trade on Thursday on foreign fund outflows amid increased demand for the American currency from importers.

9.54 am: Bharti Airtel has launched new pre-paid data packs in Mumbai that offer double data benefits to customers. Currently, the Rs 296 pre-paid data pack offers 1GB of 3G/4G data with a validity of 28 days. With the new double data pack of Rs 345, customers will get 2GB data (1GB 3G/4G regular plus 1GB night). This effectively doubles the data limit of the pack to 2GB, representing a saving of 30 per cent compared to the current pack with similar benefits. Shares of Bharti Airtel were trading 0.49 per cent up at Rs 361.20.

9.40 am: Nifty was up 59.60 points at 7,908. In the 50-share index, ICICI Bank, Asian Paint, TCS, Axis Bank and Tech Mahindra were up between 1.48 per cent and 2.70 per cent. On the other hand, Zee Entertainment, HUL, Aurobindo Pharma and HDFC Bank were down between 0.10 per cent and 0.84 per cent.

9.34 am: Sutlej Textiles & Industries shares surged as much as 12.17 per cent in the early trade on Thursday after the company reported a 78 per cent rise in net profit at Rs 48.81 crore for the quarter ended March 2016, on the back of higher income from yarn and fabric segment. It has posted net profit of Rs 27.42 crore in the corresponding quarter last year. Sensex was up 192.60 points at 25,789.

9.16 am: Sensex was trading 103.44 points up at 25,700. Nifty was up 30.10 points up at 7,878. ICICI Bank and Bank of Baroda were trading over 2 per cent higher in the early trade.

9.15 am: Benchmark indices opened higher on Thursday despite weak global cues. Sensex opened 87.58 points up at 25684.60, while Nifty opened 22.60 points up at 7,871.45.

8.42 am: Benchmark indices BSE Sensex and NSE Nifty are likely to open in red on Thursday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and weak global cues.

At 8.24 am (IST), SGX Nifty was trading 6 points, or 0.08 per cent down at 7,866.50.

Asian shares were trading lower in morning trade on Thursday following a dismal day on Wall Street, while crude oil futures gave back some of their overnight gains after jumping on an unexpected fall in US crude inventories.

US stocks dropped on Wednesday and the Dow Jones industrial average suffered its worst day since February as feeble quarterly reports from Walt Disney, Macy’s and Fossil undermined confidence across the consumer sector.

Domestic equity index BSE Sensex on Wednesday retreated from a two-week high after falling 175.51 points to 25,597.02 as foreign funds cut down their exposure over fears that equity inflows would take a hit after India’s move to impose capital gains tax on investment through Mauritius.

There will be lots of result reactions to keep the markets buzzing through the day. Dr Reddy’s Labs, Glenmark, Arvind, Manappuram Finance, Nestle India, Merck, MPRL, Polaris, Bank of Maharashtra and Vijaya Bank, are among many to announce their earnings on Thursday.

Banking sector will remain in focus on Thursday after the Rajya Sabha on Wednesday passed the new bankruptcy code. The Lok Sabha had cleared the bill last week.

(With agency inputs)

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition