Mumbai: Market regulator SEBI has de-recognised Hyderabad Stock Exchange (HSE) as the stock exchange failed to dilute 51 per cent stake to non-brokers by August 28 as mandated by law.

In a release, SEBI said, “The recognition granted to HSE stands withdrawn with effect from August 29, 2007.”

Vishwas Agarwal, technical analyst said, “Market jumped on Friday under the leadership of Reliance Industries and other frontline stocks. BSE Sensex 15,350 is now important level to maintain for possible new highs. Market is in a very strong zone. Improvement of political situation after the government agreed to Left`s demand will strenghten market further.”

Mr. Agarwal has indicated that there is heavy accumulation in 20 F&O securities and anticipates that these stocks will gain in the coming month. He suggested capitalists to go in for all call options to make big profits with least risk.

Technical analyst, Vishwas Agarwal said the stock market was volatile mainly because of F&O expiry on yesterday, and some profit booking was also seen at upper level.