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Updated: Oct 23 2012, 07:17am hrs
Strong TCS, L&T earnings lift Sensex by 111 points

Shrugging off early losses, the Sensex on Monday rallied by 111 points on strong earnings by TCS and L&T, besides good buying in capital goods and bank shares. After hitting the day's low of 18,600.88 within the first 30 minutes of trading, the index staged a smart recovery. Led by TCS and L&T that gained over 2% each, the Sensex closed 111.13 points, or 0.59%, higher at 18,793.44. The rally was led by stocks of capital goods, healthcare, banking and IT sectors, said dealers. Trading sentiment turned better as investors picked up fundamentally strong stocks. TCS was the top gainer among the 30-share Sensex index as its shares ended 2.26 per cent up.

Sebi seeks special courts for speedy trials in frauds

Worried over delays in prosecution of those found to be involved in frauds and other offences, market watchdog Sebi has asked the government to set up special courts to fast-track the process of bringing the guilty to book. Expressing concern over some cases continuing for years, Sebi chairman UK Sinha told PTI that there was a need for special courts to expedite the process and the regulator has asked the government to facilitate the same. Asked about the cases like the one against Rajat Gupta in the US where the Indian-origin banker is facing a possible jail term for many years, Sinha said in an interview that legal provisions in India and the US are entirely different. "In the US system, the investigators have got more powers and secondly it can lead to prosecution and actual criminal punishment.

NSE, MCX, BSE among top 20 global bourses

Three Indian bourses NSE, MCX and BSE have made it to the world's top 20 derivative exchanges, ahead of their peers in global financial centres like London, Singapore and Hong Kong. While the list is topped by CME Group, as per a list compiled by the Futures Industry Association (FIA) for trading volumes between the period January-June 2012, National Stock Exchange is ranked fifth. Among other Indian bourses, MCX is ranked at 10th and BSE at 18th position. After CME Group, Korea Exchange is ranked 2nd, Eurex at third and NYSE Euronext at fourth. As per FIA data, NSE recorded a decline of 7.2% to 971.8 million contracts in derivative segment.