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As on Nov 24, 2017 12:00 AM Your results on : End Session    
Sensex rises 2.8% in seven sessions
24-Nov-2017 (16:10)

Benchmark indices settled with modest gains as Government promulgating the ordinance to amend the Insolvency and Bankruptcy Code, 2016 perked up sentiment. The barometer index, the S&P BSE Sensex, advanced 91.16 points or 0.27% to settle at 33,679.24. The Nifty 50 index rose 40.95 points or 0.4% to settle at 10,389.70. Gains in global stocks also underpinned sentiment. The Sensex and the Nifty, both, hit highest closing level in 2-1/2 weeks. IT and power stocks gained.

The market gained for the seventh straight day. The Sensex jumped 918.80 points or 2.8% in seven sessions, from a close of 32,760.44 on 15 November 2017.

The market opened higher and held firm in the positive terrain throughout the session.

The Sensex advanced 91.16 points or 0.27% to settle at 33,679.24, its highest closing level since 6 November 2017. The index gained 150.45 points, or 0.45%, at the day's high of 33,738.53. The index rose 51.90 points, or 0.15%, at the day's low of 33,639.98.

The Nifty 50 index rose 40.95 points or 0.4% to settle at 10,389.70, its highest closing level since 6 November 2017. The index gained 55.75 points, or 0.53%, at the day's high of 10,404.50. The index rose 13.50 points, or 0.13%, at the day's low of 10,362.25.

The S&P BSE Mid-Cap index rose 0.58%. The S&P BSE Small-Cap index advanced 0.45%. Both these indices outperformed the Sensex.

The breadth indicating the health of the market, was positive. On BSE, 1,551 shares rose and 1,225 shares declined. A total of 159 shares were unchanged.

The total turnover on BSE amounted to Rs 4485.71 crore, slightly higher than turnover of Rs 4422.42 crore registered during the previous trading session.

PSU bank stocks were mixed and private banks rose after the Government of India promulgated yesterday, 23 November 2017, the ordinance to amend the Insolvency and Bankruptcy Code, 2016. Shares of public sector banks were mixed. Syndicate Bank (up 3.79%), Corporation Bank (up 0.92%), Allahabad Bank (up 0.08%), Union Bank of India (up 0.63%), and United Bank of India (up 1.44%) edged higher. UCO Bank (down 0.15%), Punjab National Bank (down 0.24%), Bank of Baroda (down 0.65%), State Bank of India (SBI) (down 0.79%), Canara Bank (down 0.94%), and Bank of India (down 0.77%) declined.

Shares of most private sector banks rose. Axis Bank (up 0.1%), HDFC Bank (up 0.24%), Kotak Mahindra Bank (up 0.99%), Yes Bank (up 0.14%), and IndusInd Bank (up 1.69%) edged higher. ICICI Bank (down 0.64%) and Federal Bank (down 0.93%) declined.

IT stocks gained for the second straight day. Tech Mahindra (up 0.89%), HCL Technologies (up 0.79%), Infosys (up 1.87%), and TCS (up 0.22%) gained. Wipro fell 0.29%.

Reliance Industries gained 0.46% after Reliance Marcellus II, LLC, a subsidiary of Reliance Holding USA, Inc., and Reliance Industries announced the closing of recently announced sale of its interest in certain upstream assets; which were operated by Carrizo Oil & Gas, Inc to BKV Chelsea LLC, an affiliate of Kalnin Ventures.

In a transaction announced on 6 October 2017, Reliance agreed to sell its entire working interest in these upstream assets to BKV Chelsea for purchase consideration of $126 million with an effective date of 1 April 2017. Additionally, under the definitive documents, a contingent amount of up to $11.25 million may be paid to Reliance between years 2018 to 2020 based on certain gas price thresholds being achieved.

The transaction closed on 21 November 2017 and Reliance received the purchase consideration subject to usual and customary purchase price adjustments. The announcement was made before market hours today, 24 November 2017.

Mahindra & Mahindra rose 1.05% 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.

To begin with, the companies will deploy hundreds of electric vehicles in Delhi and Hyderabad. M&M's electric vehicles on the Uber platform will include the e20Plus hatch and the eVerito sedan. As part of this collaboration, both the companies will also explore deployment of M&M electric vehicles to other cities. The announcement was made during market hours today, 24 November 2017.

Indian Hume Pipe Company rose 1.52% after the company said it has secured work order of Rs 119.73 crore from Public Health & Municipal Engineering department, Government of Andhra Pradesh - Ongole Municipal Corporation, for providing water supply improvements scheme under AMRUT project. The project is to be completed within 15 months. The announcement was made during trading hours today, 24 November 2017.

Shares of power generation and power distribution companies rose. Torrent Power (up 0.63%), NHPC (up 0.19%), Power Grid Corporation of India (up 0.91%), Reliance Infrastructure (up 0.53%), NTPC (up 0.22%), Tata Power Company (up 0.64%), Adani Power (up 0.71%) and Reliance Power (up 0.52%) gained.

Shares of psu coal mining major Coal India gained 0.07%.

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 today, 24 November 2017, recommended that the winter session of Parliament be held from 15 December 2017 to 5 January 2018. The ensuing winter session will have a total of 14 sittings over a duration of 22 days. Three bills are to be taken up in the coming winter session to replace three ordinances namely, the Goods & Services Tax (Compensation to States) Ordinance, 2017 (promulgated on 2 September 17); Insolvency & Bankruptcy Code (Amendment) Ordinance, 2017 and Indian Forest (Amendment) Ordinance, 2017.

Overseas, European stocks edged higher in sluggish post-Thanksgiving trading. 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.

Key indices finish session near flat line
23-Nov-2017 (16:18)
Market extends recent winning streak
22-Nov-2017 (16:23)
Market logs gains for fourth straight session
21-Nov-2017 (16:10)
Sensex, Nifty settle with small gains
20-Nov-2017 (16:09)
Market settles with impressive gains
17-Nov-2017 (16:11)
Sensex ends above 33,000 mark
16-Nov-2017 (16:39)
Market slides on weak global signals
15-Nov-2017 (16:32)
Key benchmarks settle with small losses
14-Nov-2017 (16:52)
Market slides on negative global cues
13-Nov-2017 (16:35)
Volatile session ends with gains
10-Nov-2017 (16:33)
Market ekes out small gains in choppy trade
09-Nov-2017 (16:42)
Nifty hits lowest closing level in 2 weeks
08-Nov-2017 (16:36)
Sensex, Nifty hit one-week closing low
07-Nov-2017 (16:35)
Sensex attains record closing high
06-Nov-2017 (16:37)
Sensex, Nifty settle at record high
03-Nov-2017 (16:50)
Market settles with small losses
02-Nov-2017 (16:30)
Market spurts to hit fresh record high
01-Nov-2017 (16:47)
Sensex snaps six-day winning streak
31-Oct-2017 (16:35)
Indices scale record closing high
30-Oct-2017 (16:36)
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