The stock market continued to trade firm with modest gains in afternoon trade as Government promulgating the ordinance to amend the Insolvency and Bankruptcy Code, 2016 perked up sentiment. At 13:24 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.
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.
Overseas, Asian stocks were mixed while investors viewed Chinese shares with caution after their big fall the previous day. 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.
Closer home, the breadth indicating the health of the market, was strong. On BSE, 1,536 shares rose and 1,002 shares declined. A total of 174 shares were unchanged.
Realty stocks were mostly higher. Prestige Estates Projects (up 1.77%), Sobha (up 1.4%), HDIL (up 1.14%), DLF (up 0.7%), Godrej Properties (up 0.06%) and Unitech (up 0.01%) gained. D B Realty (down 3.14%), Oberoi Realty (down 2.75%) and Indiabulls Real Estate (down 1.77%) declined.
Aviation stocks dropped. Jet Airways (India) (down 0.11%) and SpiceJet (down 0.07%) declined. InterGlobe Aviation (up 1.26%) gained.
Mahindra & Mahindra (M&M) advanced 0.93% at Rs 1,433 after the company announced that it will collaborate with Uber, the global transportation technology company, to explore the deployment of electric vehicles (EVs) on the Uber platform in several cities across India. The announcement was made during market hours today, 24 November 2017.
Arrow Greentech rose 0.24% at Rs 522, extending yesterday's gains triggered by the company securing patent for manufacturing embedded water soluble film carrier in US.
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.
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