Agencies
Mumbai, May 18: 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.
History in Markets! Sensex on Fire - Crosses 13,000 Points
For the first time in history, trading has been halted in the stock market even before the first trade could open as the markets hit upper circuit, in reaction to the comfortable victory of the UPA and the stability that it will bring to governance, the markets and policy decisions.
The stock markets hit first upper circuit with Sensex at 13,479, up 1306 points, and Nifty at 4203, up 532 points.
With the air of political uncertainty clearing up with the triumph of the United Progressive Alliance, the bulls have returned to the bourses with a bang.
The mood in the market is euphoric and most analysts and market observers believe that the Sensex might rise to 14,000 by the time the new government presents the Union Budget.