The Sensex almost kissed the 26,000- level on Thursday even as trading on the Bombay Stock Exchange ( BSE) was disrupted for around three hours because of network outage. Consequently, trading was halted from 9.42 am to 12.45 pm. At 9.42 am, the number of primary connections came down to less than 2,000 from a peak of 10,000 primary connections forcing the Exchange to close markets.
The problem was resolved by 12.15 pm.
BSE and its technology partners will prepare a report explaining the root cause for the glitch and submit it to the BSE's Board of Directors and the Securities and Exchange Board of India.
Profit- booking in oil & gas, metal and power shares dragged the Sensex down to log the first drop in five days. The Sensex closed at 25,823.75 down 17.46 points after hitting life- time high of 25,999.08. Weakness in shares of RIL, ONGC, Hero MotoCorp, Bajaj Auto, Maruti Suzuki, SBI and ICICI Bank weighed on the Sensex.
Out of 30- share pack, 19 ended lower and 11 finished higher. Intraday, the Sensex hit a low of 25,793.70. The index had gained over 778 points in the previous four days on rising hopes of a growth- oriented Budget next week.
The NSE 50- share Nifty moved down 10.35 points, or 0.13 per cent, to finish at 7,714.80 after hitting all- time high level of 7,754.65 in early trade. Markets were seen making a positive start on Thursday extending its northward journey as sentiment got some support from the agriculture minister's statement that monsoon will pick up pace next week and the government is prepared to deal with any eventuality in case of a shortfall.
Shares have surged this year- with the broader Nifty up 22.4 per cent so far- on hopes Narendra Modi's election as Prime Minister last month would spark a wave of economic reforms. A key test of that will come on July 10, when the new government is expected to unveil the Budget. Foreign investors have remained strong buyers throughout buying a net $ 215.7- million worth of shares on Wednesday and bringing their total for the year to $ 10.34 billion.
Courtesy: Mail Today