Sebi keeping close watch on stock markets: Fin Secy

Market regulator Sebi is keeping a close watch on the movements in the stock prices at the BSE and NSE, which hit the upper circuit halting the trade for the day, a senior finance ministry official said. 
   
"It was expected that markets will do well and that is what we saw in the morning. Sebi is keeping a watch on the situation we will see how it plays out on Tuesday," Finance Secretary Ashok Chawla told reporters here.    

Trading at the Bombay Stock Exchange and National Stock Exchange was initially halted for two hours as the stock tracker indices — BSE's Sensex and NSE's Nifty — hit the upper circuit within a minute of the opening of the trade.    

After the markets re-opened at 11:55 am, the Nifty surged again hitting the 20 per cent upper circuit leading to suspension of trading at the two bourses for the day.