Market salutes congress.................... .........
Market salutes Congress..............
The nation’s stock markets gave a resounding welcome to the Manmohan Singh government, which will function without the shadow of the Left, creating history on Dalal Street on Monday.
Trading had to be halted for the day as both the BSE’s Sensex and the NSE’s Nifty hit the upper circuit-breaker twice within two seconds of the market opening. The real mood of the stock market could not be gauged because there was not even five minutes of trading before the market was shut. Like one analyst said, “the market system is made for the bears and not the bulls.”
This was the first time ever since circuit-breakers were introduced in India that trading had been halted because of an unprecedented high. The market opened first at 9.55 and within two seconds it zoomed 10.73 per cent with the Sensex up 1,305.97 points at 13,479.39 and the Nifty was up 15 per cent or 530 points. The market was then shut for one hour and later extended to two hours. When it opened again at 11.55 am the Sensex soared 17.24 per cent at 14,273.63 up 2,099.2 points in 13 seconds. These are the highest point for the Sensex since March 9 when the index was around 8,000. The Sensex closed 2,110.79 points up (17.34 per cent) at 14,284.21 while the Nifty closed 651.50 (17.74 per cent) points up at 4,323.15.
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