How come sensex opens 172 above previous close

Spiderman · #1 17th November 2006, 04:53 PM

Did anybody notice sensex opens 172.15 points above previous close today.
a stock can have a freak trade often but how can a mainline index have such a freak opening? was there some manipulation or was it an opening error?
any clue forum members?

spiderman

ranjani · #2 17th November 2006, 07:59 PM

Dear sir,
Must be a technical snag?

ranjani

saga364 · #3 17th November 2006, 09:14 PM

Hi,

I saw this a few minutes back on one of the television channels ...

Markets opened normally with Infy shares trading at around 2200 levels and then all of a sudden at around 10:01 AM, one share of Infy was traded at 2400. This was a huge spike considering the average levels of infy and weight infy has on the indexes.

Since this was only one share, the 172 point lead over previous close was wiped out pretty soon.

Hope this helps.

Regards,
http://pseudosocial.blogspot.com

Spiderman · #4 17th November 2006, 09:52 PM

HI SAGA 364,
I checked the bse website here is the OHLC of the day.
open 13678.04 high 13678.04 low 13383.43 close 13429.48. this means sensex opened at 13678.04 at 9.55 am that is a gap up opening. a single share of infosys cannot perkup sensex 172 points and that too at 10.02 am.
but I can understand what you want to convey.
regards,
spiderman

munchikana · #5 17th November 2006, 11:14 PM

Hi everybody,
Seems a very interesting topic is taken up by a keenly observing member. I checked all usual suspects such as reliance, ongc, icicibank etc. But so far, I could not find any such share which had huge opening (upward gap opening) which could have pushed the sensex to such a high level gap opening. Quite interesting indeed. Can some more informed members of this forum bestow their earnest attention on this aspect?

mahmeds2000 · #6 17th November 2006, 11:23 PM

If u see most of the stock is open at very high level and than went very dwn some are below there weekly low, some are below monthly low. i am also thinking abt. some sort of manipulation but how it is possible for maximum no of stock?

Ahmed

toxicexpulsion · #7 17th November 2006, 11:47 PM

i noticed this too, something funny...

jdm · #8 18th November 2006, 10:29 AM

when derivative trading started in India, the operators played a similar cat and mouse game. if my memory does not fails me, a similar situation arised back then, when they punched in a trade way away from the previous close at the very opening of the market making the market hitting the circuits. some "hard talk" by the market regulators and subsequently implementation of an operating range of 20% in the f&o script did the trick for the regulators.

cheers,
jdm.

Spiderman · #9 18th November 2006, 11:05 AM

Hi JDM,
That is the point. It was a desperate attempt and no retail guy can
do it.

regards,
spiderman

jdm · #10 18th November 2006, 03:41 PM

hi spiderman,

cannot say about yesterdays move, but the one i mentioned is nothing but a cat and mouse game. its just to humiliate the good for nothing regulators by the market makers. a type of hacker in the trading world you can say, who meant no harm, but to let us all see how vulnerable the system is.

cheers,
jdm.

Similar Threads for: How come sensex opens 172 above previous close
Thread	Thread Starter	Forum	Replies	Last Post
Mkt opens strong and firm in early trade	Robbie	Current Affairs	0	26th October 2006 01:00 PM
Market opens firm in morning trade	Robbie	Current Affairs	0	17th October 2006 12:00 PM
Previous Tops and Corrections!	SGM	Equities	6	26th June 2006 06:45 PM
Markets breaks previous swing low - Disastrous Consequences	arun	Equities	3	19th October 2005 05:43 PM
Sensex Nifty close at 6 month high	TATrader	Current Affairs	1	11th March 2005 05:03 PM