 "Markets continue to hold gains; Sensex up over 100 points")
After a dismal trading session yesterday, markets have bounced back today owing to a spectacular rally in the banking stocks on passage of Bankruptcy Bill in Parliament.
In the banking pack, ICICI Bank, SBI, IndusInd Bank, HDFC Bank and Bank of Baroda have surged between 0.25-3% after the passage of Bankruptcy Bill, which aims to complete the insolvency process of companies in 180 days, helping lenders in faster recovery of their loans.
At 2:20 pm, the S&P BSE Sensex was up 153 points at 25,750 and the Nifty50 was up 43 points at 7,892.
Meanwhile, oil prices remain firm helped by a sudden dip in US crude inventories and a tightening global market.
INDEX MOVERS
Asian Paints jumped 2%, after its March quarter earnings beat Street estimates. Asian Paints' sales volume grew 13% in Q4.
Dr Reddy's Laboratories rose 3% after consolidated net profit fell 85.62% to Rs 74.60 crore on 2.47% decline in total income to Rs 3786.90 crore in Q4 March 2016 over Q4 March 2015.
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. The stock climbed 0.6%.
Meanwhile, capital goods majors L&T and BHEL are trading with mild losses ahead of the IIP numbers due to be released later today.
Hindalco Industries rose 1% extending yesterday's gains triggered by the company's subsidiary Novelis reporting good Q4 earnings.
Apollo Tyres reported 20.26% 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 stock rebounded from the day’s low and is trading 3% higher.
Jubilant Life Sciences Ltd rises 3% after the company said on Wednesday that its unit Jubilant DraxImage Inc. (JDI) and Australia-based Cyclopharm Ltd (CYC) had mutually terminated a pact under which JDI was to get exclusive commercial rights to a CYC product in the US market.
Rajesh Exports surged 3% after the company said in a notice to BSE that its board will meet on 13 June to consider acquisition in Middle east.
Cairn Energy Plc of the UK has offered to pay 15% of the Rs.10,247 crore principal amount in return for government lifting freeze on the 9.8% shares it holds in its erstwhile subsidiary, Cairn India Ltd. Cairn India and Vedanta have gained 1% each.
