Partner Channels: Bill Pay | Health | IT Education | Jobs | Technology | Travel
July 4, 2001
|
|
|
|
|
|
||
|
Channels: Astrology | Broadband | Contests | E-cards | Money | Movies | Romance | Search | Wedding | Women Partner Channels: Bill Pay | Health | IT Education | Jobs | Technology | Travel |
||
|
|
||
|
Home >
Money > Reuters > Report July 4, 2001 |
Feedback
|
|
|
Sebi asks bourses to check abnormal tradesThe Securities and Exchange Board of India on Wednesday said it had asked stock exchanges to monitor abnormal trade in the 53 most actively traded shares. "All exchanges have been asked to introduce a price, quantity verification at the order level," Sebi executive director, Pratip Kar said. He said the checks will apply to 53 stocks which are common to the indices at two of India's largest stock exchanges and also to the 31 stocks in which trading in options contracts is allowed, he said. The two indices referred to were the 30-share Sensex, the country's most widely tracked equity benchmark, and the broad-based National Stock Exchange index - Nifty. The move comes following a suspension in trading activity at the country's largest stock exchange earlier in the day. Trading was suspended after the 50-issue S&P CNX Nifty soared 40 per cent, mainly due to a sharp rise in the share price of index heavyweight Reliance Petroleum which vaulted six times over its previous close. Associated Cement Companies leapt by over 51 per cent. One share of Reliance Petroleum was dealt at Rs 300, compared with the previous close of Rs 46.95, while 400 ACC shares traded at Rs 209, higher than Tuesday's close of Rs 138. This sent the national index catapulting to 1,494.60 points, a 39.71 per cent rise on Tuesday's close of 1,069.80. Trades in both securities were cancelled. Sebi introduced an index-based market-wide circuit breaker system from Monday to check excessive volatility. Under the new rules, trading in all shares on the exchange will be halted for various periods, depending on the amount of variation in the index. According to the Sebi rules, trading will be halted for the rest of the day in the case of a change of 20 per cent or more in the index. YOU MAY ALSO WANT TO READ:
|
||||||
