Markets shut for the day after hitting upper circuit again (Second Lead)May 18th, 2009 - 1:47 pm ICT by IANS
Mumbai, May 18 (IANS) Indian equities markets were shut for the rest of the day after hitting the upper circuit twice Monday, with a key index soaring another 309 points within seconds of resuming trade.
Trading had been suspended within a minute of the opening bell, after key indices touched the upper circuit prompting stock exchanges to pull down the shutter for two hours.
Analysts said the victory of United Progressive Alliance (UPA) announced Saturday, in the general elections, had led to the rally, which breached the “circuit breaker” kept to ensure the market doesn’t move up and down too quickly and too much, according to the BSE website.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), had risen 17.24 percent or 2099.21 points from its previous close of 12,173.42 points before trade was finally halted at 14,272.63 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) also hit the upper circuit rising 17.33 percent or 636.4 points to 4,308.05 points. It closed Friday at 3,671.65 points.
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