MCX stock rallies to 52-week high

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Mumbai | Published: September 30, 2016 6:14:16 AM

Shares of Multi Commodity Exchange of India (MCX) rallied to a 52-week high of R1,400 to close at R1,306.95, up 4.84% after markets regulator Sebi allowed commodity exchanges to introduce trading in options.

Shares of Multi Commodity Exchange of India (MCX) rallied to a 52-week high of R1,400 to close at R1,306.95, up 4.84% after markets regulator Sebi allowed commodity exchanges to introduce trading in options. The stock in this week has gained around 25%.

Analysts at Motilal Oswal recently said in a report, “the launch of options may have a hockey-stick effect on volumes – some cannibalisation of futures volumes to start with. However, it will drive growth of the overall market over the medium-to-long term, and the near-term impact is thus not worrisome.”

On Thursday, the Sensex lost 465.28 points or 1.64% to close at 27,827.53, Nifty50 closed 1.76% down at 8,591.25. Other gainers during the session included Borosil Glass Works, Astral Poly Technik and Pioneer Distilleries which gained 15.77%, 4.86% and 4.73% respectively.

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