Sensex greets UPA with 2,111 pt rally.
It was the shortest trading session in the history of Indian stock markets, lasting a little over a minute and generating wealth of Rs 5,66,881 crore for investors.Total futures and options (F&O) turnover was at Rs 2,599 crore, only 5 per cent of the normal day traded volume on the NSE. This means the two upward circuit filters (which lasted just 10 seconds), probably through auto generated stock data, are likely to be unreliable.Stock brokers face a margin pressure of about Rs 3,000-5,000 crore as a result of buying frenzy in the markets today which led to benchmark indices Nifty and Sensex hitting the 20 per cent upper circuit. Moreover, the National Stock Exchange (NSE) today increased its Value at Risk (VaR) and SPAN margin applicable on stock and index futures by nearly 30 per cent and 80 per cent, respectively, adding to the brokers’ woes.
Stock surge irrational, say fund managers.
Indian share valuations meanwhile have gone up sharply in the last two months -- the main index now trades at nearly 16 times its 12-month forward earnings, up from about 9.5 times in early March -- moderating their attraction.
Bond Market:- Yields drop to two-week low on rate cut speculation.
Forex Market:-The rupee on Monday gained 2.98 per cent against the dollar — the biggest single-day rise in 23 years — in anticipation of large foreign capital flows due to the election verdict in favour of a stable government led by the Congress party.
Crude:- Oil prices dip below $59 in Asian trade.
Reports:-
Tata to hike wages despite meltdown.
Madras HC allows TVS to use Bajaj's patented tech.
Top firms add Rs2 trillion in a minute; RIL leads gain.
Geojit Financial to amalgamate unit with Geojit BNP.
FIIs net buy Rs 512cr in F&O on Monday.
Review upper circuit limit, say experts.
Circuit breakers did not kick in after 10 per cent rise.
International Markets:-
Asian markets open up; Tech shares boost Nikkei.
The benchmark Nikkei climbed 254.40 to 9,293.09, after earlier rising as much as 3.2 percent to 9,326.75. The broader Topix gained 2.1 percent to 877.72.Dow zooms 235pts; Tata Comm ADR rallies 28%.
Singapore nifty is trading at 4590 up by 220 points at 9.29 AM IST.
