Mumbai, May 18: Trading in the Indian markets have been called off for the day as the markets hit 20 per cent upper circuit.
As per a system developed by the stock exchange authorities when the markets changes more than 10 per cent the trading is suspended for an hour in order for it to cool down. While more than 15 per cent sees a suspension of 2 hours, due to the markets hitting 20 per cent upper circuit this Monday the trading has been halted for the day.
Sensex gains 2000 points more
After reopening the Sensex has reached 14272.63 mark going up by 2099.21 points. The Nifty has gone up to 4308.05 increasing by 636.40 points.
Trading halt extended to 11: 55 AM
With the markets hitting the the upper circuit within 30 seconds of opening, the trading was halted for an hour to be reopened at 10:55 AM. Now the period has been extended by one more hour till 11:55 AM.
Unusual bullish trend in markets suspends trading
The winning streak of United Progressive Alliance (UPA) has spread to the markets with the Sensex surging above 1300 points and Nifty gaining more than 500 points. As of now the trading has been suspended due to unusual bullish trend in the Sensex.
The 50-share NSE Nifty was up 531.65 points or 14.48 per cent at 4,203.30 and the 30-share BSE Sensex surged 1305.97 points or 10.73 per cent to 13,479.39.
Trading would be halted for the day if Sensex gains 1450 points after 2 PM. If the Sensex gains 975 points between 1 PM and 2:30 pm trading would be halted for 30 minutes.
The first session after the positive results of the elections from the market's view, the markets zoomed to the upper circuit level as opposed to the lower circuits it has been throwing on the country for quiet sometime now. The third Mondays of May 2004 and May 2006 has seen lower circuits to be labelled as 'Black Mondays'. But this third Monday of May has come as a positive relief to the markets.
As per the reports of the economic analysts, with a stable government brought into power, the investors have shown positive reactions. The Foreign Institutional Investors (FIIs), who have been disinvesting for sometime now, are showing confidence in the Indian Markets.