Benchmark indices remained firm with modest gains in mid-afternoon trade as Government promulgating the ordinance to amend the Insolvency and Bankruptcy Code, 2016 perked up sentiment. At 14:20 IST, the barometer index, the S&P BSE Sensex, advanced 108.07 points or 0.32% at 33,696.15. The Nifty 50 index rose 45.95 points or 0.43% at 10,394.70. Gains in global stocks also underpinned sentiment.
The market opened higher and held firm in the positive terrain so far during the session.
The S&P BSE Mid-Cap index rose 0.49%. The S&P BSE Small-Cap index advanced 0.64%. Both these indices outperformed the Sensex.
The breadth indicating the health of the market, was positive. On BSE, 1,538 shares rose and 1,085 shares declined. A total of 161 shares were unchanged.
Shares of power generation and power distribution companies were mixed. Torrent Power (up 0.78%), NHPC (up 0.01%), Power Grid Corporation of India (up 1.08%), Reliance Infrastructure (up 0.77%) and Reliance Power (up 0.01%) gained. NTPC (down 0.11%), Tata Power Company (down 0.21%), and Adani Power (down 0.28%) declined.
Shares of psu coal mining major Coal India gained 0.24%.
Metal & mining stocks were also mixed. JSW Steel (down 0.54%), Bhushan Steel (down 1.37%), Vedanta (down 0.5%), Hindalco Industries (down 1.25%), Hindustan Zinc (up down 1.23%), and Tata Steel (down 0.44%) declined. Steel Authority of India (Sail) (up 0.18%), National Aluminum Company (up 0.49%), NMDC (up 0.12%), Hindustan Copper (up 0.05%), and Jindal Steel & Power (up 0.23%) gained.
Kesar Terminals & Infrastructure lost 3.58% after net profit declined 16.73% to Rs 4.13 crore on 7.15% decrease in net sales to Rs 10.52 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 23 November 2017.
Star Paper Mills dropped 4% after net profit fell 6.68% to Rs 14.68 crore on 3.43% decrease in net sales to Rs 81.30 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 23 November 2017.
On the macro front, the Government of India promulgated yesterday, 23 November 2017, the ordinance to amend the Insolvency and Bankruptcy Code, 2016. Earlier, the President of India had given his assent to the ordinance to amend the code.
The ordinance aims at putting in place safeguards to prevent unscrupulous, undesirable persons from misusing or vitiating the provisions of the code. The amendments aim to keep-out such persons who have wilfully defaulted, are associated with non-performing assets, or are habitually non-compliant and, therefore, are likely to be a risk to successful resolution of insolvency of a company.
In addition to putting in place restrictions for such persons to participate in the resolution or liquidation process, the amendment also provides such check by specifying that the committee of creditors ensure the viability and feasibility of the resolution plan before approving it. The Insolvency and Bankruptcy Board of India (IBBI) has also been given additional powers.
Meanwhile, the Cabinet Committee on Parliamentary Affairs reportedly today, 24 November 2017, recommended that the winter session of Parliament be held from 15 December 2017 to 5 January 2018.
Overseas, European stocks edged higher. Asian stocks gained after volatile trade. Japanese manufacturing activity expanded at the fastest pace in more than three years in November, a preliminary survey showed. The Markit/Nikkei Japan Manufacturing flash Purchasing Managers Index (PMI) rose to 53.8 in November on a seasonally adjusted basis from a final reading of 52.8 in October.
US stock markets remained closed yesterday, 23 November 2017 on account of Thanksgiving holiday.
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