Source: Agencies12 May 2016 17:03:10
Mumbai, May 12: Indian shares closed higher on Thursday, led by lenders such as ICICI Bank, after the country's Upper House of Parliament passed a new bankruptcy code to address corporate debts and improve the ease of doing business.
The broader NSE index closed 51.55 points or 0.66 percent higher at 7,900.40, while the benchmark BSE index ended up 193.2 points or 0.75 per cent at 25,790.22.
Barring capital goods, all other BSE sectoral indices ended in the green. Among them, consumer durables index gained the most by 1.41 per cent, IT 1.12 per cent, realty 1.12 per cent and TECk 1.04 per cent, while capital goods index was down 0.04 per cent.
Top five Sensex gainers were Dr Reddy's (+3.65%), ICICI Bank (+3.46%), Asian Paints (+2.13%), TCS (+1.96%) and Tata Motors (+1.87%), while the major losers were Axis Bank (-1.19%), HUL (-1.11%), M&M (-1.07%), HDFC (-0.69%) and Maruti (-0.69%).
Shares also recovered from falls on Wednesday as investors concluded that India's amendment of a tax treaty with Mauritius would be manageable for markets given capital gains would be taxed only for future investments.
Buying by domestic investors and foreign funds ahead of IIP and inflation data to be released later in the day, even as the markets sank overseas boosted the sentiment.
Dealers said building up of positions by participants ahead of key economic data industrial production (IIP) for March and consumer price index (CPI) for April to be released after market closing today, influenced the sentiment.
“Today banking stocks are leading the race, mainly because of the bankruptcy bill approval,” said Rikesh Parikh, vice-president of equities at Motilal Oswal Securities.