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Sebi bans Gitanjali Gems chief, 25 others from trading

Money Jul 19, 2013

Sensex opens in green; TCS, IT stocks top gainers

By Firstbiz Staff

The Indian markets opened in the green after IT bellwether TCS beats street expectations with a stellar set of first quarter numbers on Thursday.

The BSE Sensex opened at 20170.35, up 0.21 percent while the Nifty opened at 6041.80, up 0.06 percent.

Globally, Japanese shares hit two-month highs on Friday, outperforming the rest of Asia as the yen stayed under pressure ahead of a weekend election that markets hope will clear the way for Prime Minister Shinzo Abe to pursue aggressive reflationary policies.

Reuters

Reuters

The US dollar was again probing major resistance against the yen on Friday, encouraged by solid economic data, higher Treasury yields and an unthreatening conclusion to testimony from Federal Reserve chief Ben Bernanke.

The trading band for government bonds has been removed for today, the Fixed Income Money Market and Derivatives Association of India, or FIMMDA, said on its website, for a fourth day in a row after the Reserve Bank of India (RBI) announced measures to curb the rupee's decline.

The rupee and government bonds weakened in early trade ahead of a bond auction that will be a key signal to whether the central bank's steps aimed at keeping rupee liquidity tight are working.

The rupee was at 59.78/80 against Thursday's close of 59.67/68. Bond yields rose with the most traded 8.33 pct 2026 bond yield rising 3 bps to 8.13 percent.

Stocks in news:

TCS is the top gainer, up around 2.5 percent, a day after it posted 17 percent rise in quarterly profit and maintained upbeat outlook.Other IT stocks were also up, with Wipro gaining 1.8 percent in the opening trade. BSE IT index is at the top of the sectoral chart, up 1.7 percent.

Oil & gas major Reliance Industries opened 0.21 percent down. RIL will report its first quarter numbers today. Profit is seen lower at Rs 5,240 crore vs Rs 5,589 crore profit last quarter.

Gitanjali Gems was the biggest loser, opening down 5 percent. Sebi has barred diamond merchantsMehul Choksi,Prime Securities, a broker, and more than a dozen other entities that dealt in Choksi-controlledGitanjali Gems from trading in the stock market for the next 6 months.

One of the country's top have been barred from trading in the stock market for six months.

by Firstbiz Staff

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