More often than not; every Diwali generally stock market tends to move higher and credit for same will go to our veterans from Gujarati community who believe that the stocks should be just bought on muhurat trading day.
This is good for market health, however a strange fact has come to the light where by virtue of algolrithm trading methods-high frequency intra-day trades software- a Delhi-based broker had played havoc with sensex futures and thus all future trades donw on the day of Diwali i.e. in muhurat trading has been annuled.
It is important to note that the low for the day in sensex futures was 14,000, compared to the sensex close of 17,289 in the cash segment, the average price for the broker was about 15,000. It was said on the Street that if the trades in derivatives were not annulled, the loss to this broker alone could have run up to as high as Rs 100 crore. The segment's turnover was rumored to have been Rs 27,000 crore, compared to BSE's recent high figure of about Rs 500 crore.
Bombay stock exchange must get its act together and should not let such occurences reoccur as one starts losing faith in BSE as a market. Already BSE is badnam because of operator cartel actions as compared to NSE. If given a choice to trade between NSE or BSE we will give NSE thumbs up always and every time.
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