Today, on July 15, 2011, not one but 12 index (Sensex) stocks zoomed 20% in early trades. Alas! they were just a freak trades, as the price correction took place soon after.
However, the fact that not one but 12 stocks zoomed 20% at the opening bell on the Bombay Stock Exchange (BSE), can simply baffle many investor. The said, 20% gain cannot be called as upper circuit simply because all these stocks are in the futures and options segment.
The impact was definitely felt on the BSE benchmark index, the Sensex, which touched a high of 19,620 - up 5.4% (1,002 points) from the previous close.
The 12 stocks in question are - BHEL, DLF, HDFC Bank, ICICI Bank, Infosys, Larsen & Toubro, ONGC, Reliance Industries, SBI, Tata Steel, TCS and Wipro.
Interestingly, out of these 12 stocks only one - HDFC Bank - was up 20% in the pre-opening session. And, the Sensex was up around 300 points in the pre-open trade.
Meanwhile, along with the Sensex, eight off these 12 stocks are now trading in the negative zone. The Sensex is now down 32 points at 18,585.
|Previous Close||Today's High||% Chg||Current Price||% Chg|
|Larsen & Toubro||1815.95||2179.10||20.00||1808.80||-0.39|