Key benchmark indices edged higher in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex was up 111.88 points or 0.41% at 25,702.47. The Nifty 50 index was currently up 29.30 points or 0.37% at 7,878.15. Rajya Sabha reportedly passed the Insolvency and Bankruptcy Code, 2015 yesterday, 11 May 2016, week after Lok Sabha gave nod to the Bill. The BIll 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.
In overseas stock markets, Asian stocks dropped following overnight losses in US stocks amid growing pessimism over corporate earnings. US stocks dropped yesterday, 11 May 2016 as disappointing earnings from Disney and a slump among retailers led to selling.
Closer home, the market breadth indicating the overall health of the market was very strong. On BSE, 797 shares rose and 185 shares fell. A total of 30 shares were unchanged. The BSE Mid-Cap index was currently up 0.41%. The BSE Small-Cap index was currently up 0.5%, outperforming the Sensex.
ICICI Bank (up 2.34%), Adani Ports & Special Economic Zone (up 1.47%) and Axis Bank (up 1.37%) were the major gainers from the Sensex pack.
Adani Power gained 0.66% after the company announced that it has raised Rs 330 crore by allotment of 3,300 rated, listed, redeemable, zero coupon, non- convertible debentures (NCDs) of the face value of Rs 10 lakh each on private placement basis. The NCDs will be listed on the wholesale debt market segment of BSE. The announcement was made after market hours yesterday, 11 May 2016.
Jubilant Life Sciences rose 1.82%. The company announced that one of its wholly-owned subsidiaries, Jubilant DraxImage Inc (JDI) and Cyclopharm have mutually terminated their previously announced term sheet for exclusive commercial rights of Technegas in the US market. Both parties have agreed to discuss potential commercial opportunities once Cyclopharm obtains United States Food and Drug Administration (USFDA) approval for Technegas, Jubilant Life Sciences said in a statement. The announcement was made after market hours yesterday, 11 May 2016.
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