The markets opened higher and continued their recovery from Tuesday’s trade. Buying was seen in infrastructure, metals and banking stocks. Midcaps and smallcaps also moved up following the benchmark indices. The Sensex touched the 15000 mark in the opening trade but retreated from the same level.

At 9:58 am, the Sensex was up 123 points, to 14,997 and the Nifty rose 32 points, to 4,558. The CNX Midcap went up 0.94%, to 5,560 and the BSE Smallcap Index gained 1.5% at 6345.

Among the frontliners, Tata Motors, Tata Steel, Suzlon Energy, Reliance Infrastructure, Hindalco, HDFC Bank, ACC, M&M, Tata Power, ABB, ICICI Bank and PNB were gainers. However, Unitech and Maruti were the losers.

Satyam jumped 6%, as SEBI cleared Tech Mahindra open offer for the company. Great Offshore was up just 0.6%, as Bharati Shipyard has decided open offer for Great Offshore at Rs 344/sh, subject to SEBI approval. Bharati Shipyard was up 5%. Essar Oil was up 3%, as the company is planning to raise USD 500 million via QIP (qualified institutional placement). Sasken Communication, Kale Consultants, Balaji Telefilms and FDC gained over 5%.

BSE SENSEX at 15000 - Originally Published at KnolIndia (RSS)

The one-sided win for the UPA government (lead by 262 seats) in the 15th Lok Sabha election, which shrugged off the exit polls results drastically, brought great cheers for the markets in early trade. The benchmark indices locked at upper circuit. The BSE & NSE are in discussion on extent of trading halt, as the Nifty has already breached second circuit (i.e. 15%).

In the first 30 seconds of trade, the Sensex crossed the 13,000 mark. This was the first time since October 2008 that the Sensex surpassed the 13,000 mark and the Nifty crossed the 4000 level. Huge upsurge of 420 points or 11.4% in the SGX Nifty was suggesting the same trend.

The 50-share NSE Nifty was up 531.65 points or 14.48% at 4,203.30 and the 30-share BSE Sensex surged 1305.97 points or 10.73% to 13,479.39. Less than Rs 1000 crore of trade was seen in the cash and F&O segment.

SENSEX: 13479.39 (+1305.97)
NIFTY: 4203.30 (+531.65)

Update: Market will be re-open at 11:55 AM (2 hr after upper circuit)

The BSE Realty Index shot up 15.84% and Bankex gained 13.63%. Among other, Capital Goods, Power, Metal, Oil & Gas and TECK indices rose 10.5-12.83%. IT, FMCG, Healthcare and Auto indices went up 4-9.64%.

Among the broader indices, the BSE Midcap Index was up 7.25% and the Smallcap Index gained 5.10%.
Reliance Industries was up 20%. Sun Pharma, HDFC, ICICI Bank, L&T and DLF gained 19-20%. Tata Communication, Hero Honda, Unitech, Grasim, ABB, Reliance Petroleum, Suzlon Energy and Axis Bank surged 17-18.8%.

Reliance Capital, Ambuja Cements, Sterlite, Reliance Power, Bharti Airtel, SBI, HDFC Bank, Reliance Infrastructure, Reliance Communication, TCS, SAIL, Infosys and Power Grid Corp were up 15-16.8%.BHEL, Siemens, ONGC, Tata Motors, Idea Cellular, Tata Steel, M&M, Ranbaxy Labs, NTPC and ACC shot up 10-14%.

What is a circuit breaker?
It is a system to curb excessive speculation in the stock market, applied by the stock exchange authorities, when the index spurts or plunges by more than a fixed limit. Trading is then suspended for some time to let the market cool down. If the market changes more than 10%, trading is halted for one hour, more than 15% trading is suspended for 2 hours. Although introduced in November 1992, it was used for the first time in the Bombay Stock Exchange on Tuesday, 9 March 1993 when the Sensex declined by more than 5% from the opening level, i.e. from 2451.20 to 2318.26. At that time, the circuit was 5%.

Update: Trading halted for the day as market hits upper circuit again (two times).

SENSEX: 14272.63 (+2099.21)
NIFTY: 4308.05 (+636.40)

Market hit Upper Circuit - Originally Published at KnolIndia (RSS)

Economic crisis seems to continue and its face is now becoming worse. The benchmark indices Nifty and BSE crashes below 10% today. The pressure in the market are coming in from the European funds. Some large Europe based funds are facing serious redemption pressure. The panic sell by the local funds are increasing the pressure in the market.

Bank, Oil, Metal, Realty slip over 10%. Among the frontliners, Suzlon Energy went down over 35%. Unitech lost 28% and Nalco crashed 24%.

Hindalco, ABB, Power Grid, PNB, Cairn India, Ranbaxy Labs, ONGC, Tata Motors, Tata Steel, Sterlite Industries, DLF, Maruti Suzuki, M&M, Reliance Industries, Reliance Infrastructure, SBI, Reliance Communication, HDFC Bank, ICICI Bank, and Tata Power plunged 10-20% on the Sensex. 458 shares have advanced while 2541 shares have declined. Nearly 191 shares are unchanged.

The Dow and Nasdaq Futures fell over 6% each. SGX Nifty tumbled over 12%. European markets are down 6-8%.

Current BSE Graph:

Source: NSE & BSE

NIFTY and BSE Sensex down by more than 10% - Originally Published at KnolIndia (RSS)