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Stock market into buying frenzy; trading suspended for day
Posted on: 18-05-2009 , 04:: | DY365 Bureau

Trading was suspended for two hours within seconds of opening of the market after the BSE surged by over 1,300 points and the authorities closed the floor immediately after trading resumed at 1155 hours. The BSE sensex closed 17 percent higher at 14,272.63.

Echoing the sentiment, the NSE index also rose by 20 percent, prompting the authorities to suspend trading for the day.

In two bursts, the 50-share Nifty rose over 712 points, a buoyancy that led to an all-round appreciation in share prices, which marketmen say is the first of its kind.

The BSE 30-share index zoomed to close at 14,272, up by nearly 2,100 points. The NSE index surpassed all the three upper limits of 10, 15 and 20 percent, forcing the authorities to suspend trading for the day.

With the UPA getting near a clear majority in the 15th Lok Sabha, economic reforms are set to get pace in all the sectors, a leading broker said.

 
 

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