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Boundary-less trading - Views on News from Equitymaster
 
 
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  • Jul 2, 2001

    Boundary-less trading

    Badla-less trading has started on the exchanges today. It is a whole new ball game with market movers still coming to terms with the new system and Sebi’s new circuit filters. One interesting feature of the new rules is that 53 top stocks have no price circuits i.e. no upper or lower limits. These 53 stocks do not have price bands of 8% and 16% as they used to earlier.

    That market players have yet to grasp this, the boundary-less trading (for 53 stocks) has already created a record of sorts on the very first day of initiation. Apparently, some investor bought shares of cement major, ACC, at Re 1!

    And how did this happen? Market sources say that apparently someone executed a sell order of 1 m shares of ACC “at market”. Since there was no price limit the stock got traded all the way downwards till it hit the last buyer. That last buyer had apparently placed an order to buy at Re 1!

    Lest you think otherwise, let us clarify that the object of this story is not to pooh pooh somebody’s mistakes. Neither it is to congratulate the ‘lucky’ person who got the share/s at Re 1 per share. The objective is to warn investors that in the aforesaid 53 ‘boundary-less’ stocks be very careful while giving orders. It might be a good idea to initially place your sell or buy orders with limits.

    Be careful the next time you give an order to buy or sell securities. You would not be very happy at having sold ACC at Re 1.

    List of 53 boundary-less stocks
    S.No Security
    1 ABB
    2 ACC
    3 Asian Paints
    4 Bajaj Auto
    5 Bhel
    6 BPCL
    7 Britannia Industries
    8 BSES
    9 Castrol India
    10 Cipla
    11 Kochi Refineries
    12 Colgate Palmolive
    13 Dabur India
    14 Digital Equipment
    15 Dr. Reddy's
    16 Glaxo India
    17 Grasim
    18 Gujarat Ambuja Cement
    19 HCL Infosystems
    20 HDFC
    21 HDFC Bank
    22 Hero Honda Motors
    23 Hindalco
    24 Hindustan Lever
    25 HPCL
    26 ICICI
    S.No Security
    27 Indian Hotels
    28 Infosys Technologies
    29 IPCL
    30 ITC
    31 Larsen & Toubro
    32 Mahindra & Mahindra
    33 MTNL
    34 Nestle India
    35 NIIT
    36 Novartis India
    37 Oriental Bank of Commerce
    38 P&G Hygiene
    39 Ranbaxy
    40 Reckitt Benckiser
    41 Reliance Industries
    42 Reliance Petroleum
    43 Satyam Computers
    44 State Bank Of India
    45 SmithKline Consumer
    46 Sterlite Optical
    47 Tata Chemicals
    48 Tata Power
    49 Tata Tea
    50 Telco
    51 Tisco
    52 VSNL
    53 Zee Telefilms

     

     

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