Trading have been halted for an hour and to reopen at 10:55am (IST)
Indian markets are frozen as the NSE Nifty has hit second circuit filter at 15%, while the BSE opened up nearly 11%. According to stock exchange rules, the trading is halted when either of the two benchmark stock indices hit 10% upper circuit. The following circuits are placed at 5% after that. When an index hits 15% circuit before 1 pm, trading is halted for two hours. According to reports, the NSE and BSE officials are in talks on how long they are going to keep the freeze.
The euphoria on the Indian bourses was expected after the Congress party led UPA alliance pulled off a sensational victory in the just concluded Lok Sabha elections with a decisive and clear mandate. Dr. Manmohan Singh has created history by becoming only the second person after Jawaharlal Nehru to return to power after having completed a five-year term. The Congress is currently in the process of deciding its next course of action on government formation.
Coming back to the markets, all the components of the Sensex and the Nifty are in the green. Reliance Industries, ICICI Bank, Bharti, Infosys, HDFC and L&T are among the top gainers. At 9:58 am (IST), the BSE 30-share Sensex rallied 1,305 points at 13,479 and the NSE Nifty shot up 531 points at 4,203.
Trading turnover over the bourses is less than Rs1,000cr in cash plus F&O.
INE Price at posting:
41.6¢ Sentiment: None Disclosure: Not Held
