Nifty Opens Higher; Banking Stocks Gain On Rajya Sabha Nod For Bankruptcy Code

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Benchmark indices opened the day higher, even as global cues were weak, following sharp losses across the US markets.

The Sensex was trading with gains of 109 points, while the Nifty gained 25  points in trade. Banking stocks gained after the Rajya Sabha approved the new Bankruptcy Law.

 Nifty Opens Higher; Banking Stocks Gain On Rajya Sabha Nod For Bankruptcy Code
It is believed that it would help to expedite cases where there have been defaults from company and lead to swift recoveries.

Stocks that gained from the banking sector were ICICI Bank, State Bank of India and Axis Bank. PSU banking stocks also saw good buying support with Bank of India, Oriental Bank of Commerce and Punjab National Bank among the early gainers in trade.

Dr Reddy's was trading higher ahead of its results to be declared later today. Jubilant Lifesciences, however, fell after the said that its wholly-owned subsidiary and Australia-based Cyclopharm have mutually called off their previously announced term sheet for exclusive commercial rights of Technegas in the US market.

Shares in Sanofi was lower after the company said that it has recalled several batches of its painkiller and combination drug Combiflam from shelves after the Indian regulator found the product to be sub-standard.

Leading the set of losers in trade from the Nifty were Aurobindo Pharma, Wipro, Zee and Hindustan Unilever.

Meanwhile, markets across Asia were trading lower, led by losses in the Straits Times and the Japanese Nikkei.

Read more about: sensex
Story first published: Thursday, May 12, 2016, 9:28 [IST]
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