6,500,000,000,000 Crore In A Minute

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Investor Wealth Swells by Rs 6.5 Lakh Crore In A Minute
18 May 2009, 1610 hrs IST, PTI

MUMBAI: Investors have become richer by a whopping Rs 6.5 lakh crore in just a minute as the Bombay Stock Exchange Sensex saw a historic over 2,000
point rise to the 14,000 level as the markets cheered the decisive win of the ruling UPA government in the Lok Sabha elections.

Investor wealth, measured in terms of the combined market capitalisation of all the listed companies, increased by over Rs 6,56,477 crore in a minute -- in the first 30 seconds and then after the resumption of trading at 1155 hours -- to Rs 44,63,420.97 crore.

The 30-share Bombay Stock Exchange Sensex zoomed 1,305.97 points at 13,479.39, hitting the upper circuit within seconds of opening of trade, following which trading was halted for two hours. After trading resumed, the Sensex soared 806 points at 14,284.21, following which trading was halted for the day.

Further, the 30 Sensex companies, which account for over 47% of the total market capitalisation of all the firms, saw their combined market valuation rise by over Rs 3.16 lakh crore on Monday.

The combined market capitalisation of the 30 blue-chip stocks rose to Rs 21,53,590.09 crore on Monday, from Rs 18,36,841.33 crore at the end of trade on Friday.

Reliance Industries was the major contributor to Monday’s increase in market capitalisation for regaining the 14,000 level along with other heavy-weight stocks like BHEL and Bharti Airtel.
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Sensex Crosses 14K; Day's Trading Halted

MUMBAI: Hailing the decisive mandate to the Congress-led UPA, investors went into a buying frenzy, resulting in an unprecedented surge in the BSE
Sensex, which rose by nearly 2,100 points and forced the authorities to suspend trading for the day.. ( Watch )

Trading was suspended for two hours within seconds of opening of the market after the BSE surged by over 1,300 points hitting the upper circuit for the first time, and the authorities closed the floor immediately after trading resumed at 1155 hours. The BSE Sensex closed 17 per cent higher at 14,272.63.

Echoing the sentiment, the NSE index also rose by 20 per cent, 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 per cent, forcing the authorities to suspend trading for the day.

Market participants were bullish because of the clear verdict of the people in the Lok Sabha elections, giving a clear majority to the ruling UPA, generating hopes that this would escalate economic reforms without any disruption.

Commenting on the development, SMC Global Vice-President Rajesh Jain said, "Markets have gone up today but the volume of stocks getting traded was low, leading to a low turnover."

The rupee strengthening against the US dollar confirms that the stock markets will go up in the near term as FIIs would start buying."

Investors said the surge in the markets was expected but the closure of the markets was so fast that most of the participants failed to benefit from the rally. The rupee and bonds rallied while gold fell as funds pulled out money to invest in other better options.

Brokers said the jump in the indices triggered the first- ever freeze in trading after the "circuit-breakers" came into existence some 12 years ago.

The BSE Sensex had surged 26 per cent this year before today's rise.

The nation's benchmark stock index may surge as much as 20 per cent over the next week as overseas investors, who have purchased Indian shares of up to USD 3 billion in a month, may continue buying as they consider India to be the best among emerging markets, said NSE broker Rajiv Malik. He said buying was mainly in infrastructure and core sector shares like cement and steel.

The markets today opened for the first time after the election results were announced on Saturday.
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