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It took less than a minute for exuberant investors to weigh in on the results of India's elections. Buoyed by the weekend news of the surprisingly strong win by the ruling coalition, India's stock market soared on May 18, the first business day after the tally was announced.
When the market opened at 9:55 a.m., it quickly hit the upside barrier limiting the amount of one-session movement, and traders had to pause for two hours.
Trading briefly resumed at 11:55, and again, stocks soared before hitting their upward limit. By noon, the market was already closed for the day, with the benchmark Sensex index rising a record 17 per cent in just 55 seconds of trading.
Investors have good reason to be thrilled.
When the market opened at 9:55 a.m., it quickly hit the upside barrier limiting the amount of one-session movement, and traders had to pause for two hours.
Trading briefly resumed at 11:55, and again, stocks soared before hitting their upward limit. By noon, the market was already closed for the day, with the benchmark Sensex index rising a record 17 per cent in just 55 seconds of trading.
Investors have good reason to be thrilled.