After a range bound movement, key benchmark indices extended gains in afternoon trade after news reports said that the government tabled the bankruptcy bill in Lok Sabha for its discussion and passage. At 13:16 IST, the barometer index, the S&P BSE Sensex, was up 186 points or 0.73% at 25,705.22. The Nifty 50 index was currently up 56.25 points or 0.72% at 7,818.20. The Sensex rose 186.14 points or 0.73% at the day's high of 25,705.36 in afternoon trade. The barometer index fell 105.68 points or 0.41% at the day's low of 25,413.54 at the onset of the trading session, its lowest level since 16 December 2015. The Nifty rose 57.20 points or 0.74% at the day's high of 7,819.15 in afternoon trade. The index fell 28.50 points or 0.36% at the day's low of 7,733.45 at the onset of the trading session, its lowest level since 16 December 2015.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,688 shares rose and 810 shares fell. A total of 185 shares were unchanged. The BSE Mid-Cap index was currently up 0.61%. The BSE Small-Cap index was currently up 0.71%. Both these indices outperformed the Sensex.
According to news reports, the bankruptcy bill seeks to enact a single bankruptcy code and aims at bringing sweeping changes to an outdated and overburdened bankruptcy system, setting deadlines for the first time for processing insolvency cases.
Capital goods shares were in demand. Thermax (up 2.35%), Bharat Electronics (up 1.96%), SKF India (up 1.66%), Praj Industries (up 1.52%), Pipavav Defence and Offshore Engineering Company (up 1.51%), AIA Engineering (up 1.37%), Alstom T&D India (up 1.35%), Jindal Saw (up 1.14%), Suzlon Energy (up 0.94%), Punj Lloyd (up 0.78%), Havells India (up 0.77%), ALSTOM India (up 0.55%), Siemens (up 0.55%), Lakshmi Machine Works (up 0.54%), Bharat Heavy Electricals (up 0.42%), Larsen & Toubro (up 0.33%) and ABB India (up 0.09%), edged higher. Crompton Greaves (down 0.05%) and BEML (down 1.01%), edged lower.
Realty shares edged higher. Parsvnath Developers (up 3.63%), Unitech (up 1.67%), Anant Raj (up 1.53%), D B Realty (up 1.53%), Housing Development and Infrastructure (HDIL) (up 1.21%), Indiabulls Real Estate (up 1.15%), Oberoi Realty (up 1.12%), Godrej Properties (up 0.87%), Sobha (up 0.42%), Prestige Estates Projects (up 0.20%), DLF (up 0.09%), Mahindra Lifespace Developers (up 0.08%) and Phoenix Mills (up 0.06%), edged higher. Sunteck Realty was down 0.5%.
Glenmark Pharmaceuticals rose 1.05% after the company announced the settlement of paragraph IV patent litigation with Forest Laboratories, LLC, Forest Laboratories Holdings, Ltd., and Royalty Pharma Collection Trust to settle and dismiss the outstanding patent litigation in the United States related to Glenmark's Abbreviated New Drug Application (ANDA) for Milnacipran Hydrochloride 12.5 milligram, 25 milligram, 50 milligram, and 100 milligram tablets, the generic version of Forest's Savella. Under the terms of the settlement agreement, Glenmark will have the option to market and distribute its Milnacipran Hydrochloride tablets or an authorized generic version of Savella tablets in the US. Other terms of the settlement agreement are confidential. According to IMS Health sales data, for the 12 month period ended October 2015, Savella achieved annual sales of approximately $134.7 million in the US.
IVRCL jumped 5.01% after the company said its board of directors decided to carve out the business of the company into engineering, procurement and construction (EPC) company and assets company which includes land and other assets, by way of scheme of arrangement subject to requisite approvals. The carve out of EPC business is to enable investment by potential equity investors, IVRCL said. Further, the board of directors also decided to convene a meeting of the shareholders of the company to approve conversion of part of the debt into equity shares of the company pursuant to invocation of strategic debt restructuring (SDR) by joint lenders forum (JLF). The board also approved further issue of shares to certain corporate debt restructuring (CDR) lenders on conversion of additional funded interest term loan (FITL).
In overseas equity markets, Asian stocks witnessed a mixed trend. US stocks fell sharply during the previous trading session on Friday, 18 December 2015, amid fears that collapsing oil prices might impact banks with exposure to highly-leveraged energy companies.
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