Sebi tightens vigil to contain mkt volatility post Army action

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Mumbai | Updated: September 30, 2016 8:40:48 PM

Sebi has kept a constant vigil on the market to contain any severe volatilities in the wake of Indian Army's surgical strikes on terror launch pads across the LoC, which led to a sudden crash of market yesterday.

Sebi has kept a constant vigil on the market to contain any severe volatilities in the wake of Indian Army's surgical strikes on terror launch pads across the LoC, which led to a sudden crash of market yesterday. (Reuters)Sebi has kept a constant vigil on the market to contain any severe volatilities in the wake of Indian Army’s surgical strikes on terror launch pads across the LoC, which led to a sudden crash of market yesterday. (Reuters)

Sebi has kept a constant vigil on the market to contain any severe volatilities in the wake of Indian Army’s surgical strikes on terror launch pads across the LoC, which led to a sudden crash of market yesterday.

“Sebi and the exchanges are in continuous dialogue and whenever we expect severe market volatility, then we become all the more alert,” Sebi whole-time member Rajeev Agrawal told reporters here today.

“Since yesterday morning we were having communication with exchanges to see if there is no default of any kind to ensure that no positions are heavily loaded. This is a process we follow in such circumstances,” he added.

The markets tanked yesterday after the Indian Army said it carried out surgical strikes on terror hide-outs at seven locations in Pak-occupied Kashmir after crossing the Line of Control (LoC).

While the rupee had the worst day since the Brexit vote losing 39 paise against the American greenback, the Sensex tanked 1.6 per cent and the volatility index hit the highest as the market feared that the nuclear armed neighbour would escalate the crisis.

While the Sensex tanked 465 points, the biggest single-day fall since the Brexit vote, to close at 27,827.53 points after falling 573 points intra-day, the Nifty cracked below 8,600-level and closed at 8,591.25, losing 154 points or 1.76 per cent.

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