Sebi in high alert mode; Sensex down 107 points

With stock prices and indices showing huge volatile movements day after day, market regulator Sebi has gone into the ‘high alert’ ...

With stock prices and indices showing huge volatile movements day after day, market regulator Sebi has gone into the ‘high alert’ mode. But even as the regulator stepped up its vigil, Sensex crashed by another 107 points after moving in an intra-day range of 169 points on Friday.

Sensing high volatility in the market, Sebi has placed its monitoring system on high alert to investigate any unusual movements and take prompt corrective action to protect investors interest. “We are watching every movement, when market goes up or there is a fall, and take action when we understand it is time to intervene,” Bajpai said while addressing an investor protection workshop organised by the Institute of Chartered Accountants of India (ICAI) here.

The 30-share BSE Sensitive Index (Sensex) ended 107.08 points, or 1.85%, lower at 5,695.66 on Friday. The NSE S&P CNX Nifty index also shed 33.85 points, or 1.84%, to end at 1,809.75.

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The Sensex touched a high of 5,854.29 and a low of 5,685.64 during intra-day trades. With Friday’s fall, the Sensex has now shed nearly 300 points in the last three sessions, after gaining about 400 points in the preceding three sessions. It has shed 120.98 points for the week and widened its losses for 2004 to 143 points. The benchmark index has been on a roller-coaster ride ever since it struck a historic intra-day high of 6,249.60 points on January 9.

Selling intensified towards the close of trade as many stocks took a free fall. In an extremely volatile session, traders even ignored the impressive quarterly results that kept pouring in. While frontline stocks dragged the Sensex by nearly 2%, the fall was sharper in mid-caps.

“Investors participating in the stocks market should assess risk-reward link and make informed decisions,” Bajpai said, adding chartered accountants should help in providing a true picture of the financial health of the companies.

The Sebi chief said the market regulator and ICAI would form a taskforce to review all the capital market regulations and finetune them for the benefit of investors.

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