The market corrects a little; Under- current Bullish only.SENSEX still above 50 K Mark

The Indian equity benchmark indices opened flat with a negative bias on Thursday amid mixed global cues.

At 9:15 am, the Sensex opened 0.09 percent, or 43.50 points lower at 50,212.25, while the Nifty50 index opened at 14,789.05, up 0.90 points, or 0.01 percent.

Broader markets, Nifty Smallcap100 and Nifty Midcap100 indices gained over 0.25 percent, respectively.

Among sectoral indices, the Nifty Auto, Nifty FMCG, Nifty Media, and Nifty Metal saw the most gains, while Nifty Bank, Nifty Financial Services, and Nifty Pharma slipped in the red.

ONGC, M&M, Hindalco Industries, Hero Motors, and GAIL were the Nifty50 top gainers, while HDFC, ICICI, Axis, and IndusInd Bank were the top losers.

On the global front, US stocks trod water in choppy trading on Wednesday after two days of sharp gains. Stocks in APAC too dipped following the US stocks — Nikkei shed 0.64 percent while Topix slipped 0.18 percent and Kospi declined 1.13 percent. Stocks in Australia slid 0.72 percent and MSCI’s broadest index of Asian shares, sans Japan, traded 0.22 percent lower in early morning trade.

Sebi bars Future Group CEO Kishore Biyani from the securities market for 1 year, Fined-Insider Trading.

Apart from Kishore Biyani, who was the CMD and promoter of Future Retail Ltd (FRL), others facing ban are Future Corporate Resources Pvt Ltd, Anil Biyani, and FCRL Employee Welfare Trust.

In addition, the regulator has imposed a fine of Rs 1 crore each on Kishore Biyani, Anil Biyani, and Future Corporate Resources.

Market regulator Sebi on Wednesday barred Future Group CEO Kishore Biyani from accessing the securities market for a period of one year for indulging in insider trading in the shares of the company.

Apart from Kishore Biyani, who was the CMD and promoter of Future Retail Ltd (FRL), others facing ban are Future Corporate Resources Pvt Ltd, Anil Biyani and FCRL Employee Welfare Trust.

In addition, the regulator has imposed a fine of Rs 1 crore each on Kishore Biyani, Anil Biyani and Future Corporate Resources. Besides, they have been asked to disgorge Rs 17.78 crore for the wrongful gains made by them.

Further, Future Corporate Resources and FCRL Employee Welfare Trust have been directed to disgorge Rs 2.75 crore for the wrongful gains made by it.

Anil Biyani and Future Corporate Resources are promoters of FRL. In addition, both Biyanis were directors on the board of Future Corporate Resources. FCRL Employee Welfare Trust is a trust formed by Future Corporate Resources.

Sebi had conducted an investigation in the scrip of FRL to ascertain whether certain persons and entities had traded from March 10, 2017, to April 20, 2017 period on the basis of Unpublished Price Sensitive Information (UPSI) pertaining to segregation of certain business of the firm.

Trading on the basis of UPSI violates provisions of PIT (Prohibition of Insider Trading) norms. FRL made a corporate announcement to the stock exchanges on April 20, 2017, regarding the outcome of its board decisions.

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