NSE keeps circuit limit unchanged

The National Stock Exchange (NSE) on Monday said it has kept its circuit filters unchanged and trading will come to a halt if benchmark index Nifty rises or falls by 300 points in a day.

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"The existing policy will continue to govern trading on the exchanges. Accordingly, the first level of the circuit breaker at 10 per cent will be triggered at 300 points for Nifty and 975 for Sensex over the respective closing level of the indices today," the NSE said in a statement.

The announcement by NSE came in after the market authorities had to halt the trading - initially for two hours and later for the entire day - as the rules do not permit the trade to continue if a single-day gain exceed 20 per cent in either of the two benchmark indices, Sensex and Nifty.

The 50-share Nifty today soared 531.65 points in the opening trade which led to the regulators closing the equity and equity derivatives market closed for two hours. Following opening, Nifty further went up 651.50 points to 4,323.15, which triggered a halt for the day.

This circuit breaker brings about a coordinated trading halt in all equity and equity derivative markets nationwide and
are triggered by movement of either Sensex or Nifty, whichever is breached earlier.

Also the Sensex today soared by 2,111 points to close at 14,284.21 points. It had surged 1,760 points at 13,963, hitting the upper circuit following which trading was halted for two hours. After the trading was resumed, the Sensex soared 806 points at 14,284.21 triggering a halt for the day.

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On March 31, 2008, the last trading day of the quarter, Sensex closed at 9,708.50 points. The absolute points of Sensex variation which would trigger market wide circuit breaker for any day in the quarter between April 1 and June 30 would be 975 points for first 10 per cent trigger point, 1,450 points for the second 15 per cent trigger point and 1,950 points for the final 20 per cent trigger.

Similarly for the Nifty, the three trigger points in the current quarter would be 300 points, 440 points and 600 points - based on a closing level of 3,020.95 points on March 31. In case of a 10 per cent movement of either of these indices, there would be a one hour market halt if the movement takes place before 1 pm.

In case of a 15 per cent movement of either index, there will be a two hour market halt if the movement takes place before 1 pm. If the 15 per cent trigger is reached on or after 1 pm but before 2 pm, there will be a one hour halt. If the 15 per cent trigger is reached on or after 2 pm the trading will halt for the remainder of the day.

In case of a 20 per cent movement of the index, the trading will be halted for the remainder of the day.