Sensex crosses 19K

SEBI's decision on participatory notes has gone down well with overseas investors, who led the benchmark sensitive index (Sensex) of the Bombay Stock Exchange to a new high of 19,234 Friday morning.

At around noon, the Sensex was up by 446.22 points or 2.38 percent, plotting at 19,217.

The broader S&P CNX Nifty of the National Stock Exchange was up by 126.70 points or 2.28 percent at 5,700.

All key BSE indices were trading in the green. The market breadth was positive and trade volumes were also impressive.

The mid-cap and small-cap indices were among the star performers of the day by plotting a gain of 165.29 points or 2.13 percent. Around noon, the mid-cap index was trading at 7,916.22 points.

Among the top gainers on the Sensex were Reliance Energy at Rs.1,701 up 3.12 percent, Tata Steel at Rs.1,017.05 up 2.85 percent and ACC at Rs.1,090 up 2.71 percent.

Top losers on the Sensex were Dr Reddy's Labs at Rs.606.90 down 1.25 percent, Hindustan Unilever Ltd at Rs.219 down 0.68 percent and Wipro at Rs.494.70 down 0.33 percent.

Rules on I.Tax on Employee Stock Options framed

The Finance ministry on Tuesday announced the rules for valuing employee stock options for taxation purposes.

The government had proposed in the Budget charging fringe tax on the value of shares or sweat equity allotted to employees by a company free or at concessional rates.

But the tax authorities had not firmed the rules for valuation of such benefits so far.

The fair market value of stock options for tax computation will be the average of the opening and closing price of a firm's share on the day the option vests, Finance ministry Spokes person said in a statement on Tuesday.

"In a case where, on the date of the vesting of the option, the share in the company is listed on a recognised stock exchange, the fair market value will be the average of the opening price and closing price of the share on that date on the said stock exchange," it said.

Source: Reuters

Sensex see saws - Rupee Down

The benchmark Sensex plunged by 389 points in the opening trade on the BSE on Monday with funds turning a net sellers ahead of market regulator's decision on foreign funds inflow rallied into the positive territory to rallied into the positive territory to 17,667 a few minutes ago. few moments ago.

ICICI Bank Ltd., gained after its second-quarter profit rose 33 percent, beating analyst estimates.

Asian Markets fall
Asian markets declined on Monday after broad selling by exporters. Japan's Nikkei average tumbled 3.2 per cent to a four-week low, battered by a strong yen and a slide on Wall Street and the broader TOPIX index hit one-month low soon after the opening.


Rupee down

The rupee was at 39.895/39.905 a dollar from the previous close of 39.73/39.74, due to dollar demand in the opening deals.