Sensex, Nifty end on strong note; TCS, Axis Bank, Lupin laggards

Moneycontrol Bureau3:30 pm Market closing: The market ended with smart gains as the Sensex was up 265.71 points or 0.9 percent at 28773.13. The Nifty was up 90.30 points or 1 percent at 8867.45. About 1669 shares have advanced, 1067 shares declined, and 236 shares are unchanged.

SBI, Hero MotoCorp, ICICI Bank, Adani Ports and Asian Paints were top gainers while TCS, Axis Bank, Lupin, Coal India and Dr Reddy's Labs were losers in the Sensex.

2:55 pm Penalty: The Enforcement Directorate, Mumbai, has attached Rs 306.70 crore worth assets belonging to Jignesh Shah-promoted Financial Technologies India Ltd (FTIL).

In a filing to the BSE, FTIL said: "The company has received a provisional attachment Order from the Directorate of Enforcement, Mumbai, attaching mutual funds amounting to Rs 306.70 crores." The company is taking appropriate steps in consultation with its legal counsel, it added.

Earlier this week, CBI arrested FTIL promoter Jignesh Shah in a case of alleged cheating and suppression of facts in getting SEBI extension to MCX-SX to continue as a private stock exchange in violation of norms.

2:45 pm FII view: Mixo Das of Nomura said that he was less excited about the Bank of Japan and US Fed meetings that happened over this week. The US Fed was expected to stay pat and that is what it did, he said. “There is incrementally no news.” He said he found two problems with Bank of Japan’s policy decision. BoJ has committed to overshooting the inflation target. He doesn’t think this is credible. It has instituted a bond yield target at about 0 percent. “Again, I find it to be not useful,” he said, adding that that BoJ is targeting the bond yield at a level higher than current market level. By signalling this, the BoJ is saying too low bond yields can be counterproductive. But according to common wisdom lower rates are good for the economy, he said.2:30 pm Upcoming IPO: L&T Technology Services, the subsidiary of engineering & construction giant Larsen and Toubro , will list its equity shares on September 23. The issue price is fixed at Rs 860 per share, the higher end of price band. The Rs 894-crore issue, which opened for subscription during September 12-15, oversubscribed 2.52 times. It was the second company from the L&T Group to hit the capital market with an IPO since July, after L&T Infotech that listed on July 21.Don't miss: Monsoon deficiency will be down to 3% by end of Sept: MET 

The Sensex is up 246.18 points or 0.9 percent at 28753.60 and the Nifty is up 84.10 points or 0.9 percent at 8861.25. About 1607 shares have advanced, 1017 shares declined, and 217 shares are unchanged.

Hero MotoCorp, NTPC, Maruti, ICICI Bank and Adani Ports are top gainers while Lupin, TCS, Coal India, HUL and Axis Bank are losers in the Sensex.

With an aim to make it easier for overseas investors, regulator Sebi is considering allowing some categories of Foreign Portfolio Investors (FPIs) to directly trade in Indian markets, starting with debt segment.Besides, the markets regulator plans asking companies to seek minority shareholders' approval before granting special powers relating to operations of the firms to non-promoters such as private equity investors.  In addition, to make domestic capital markets more attractive, Sebi has lined up wide-ranging relaxations to its norms for REITs and InvITs and an easier set of listing rulesfor startups.