BSE Sensex was up by 10.7 percent before the halt. The closing of previous quarter is considered as a base and if the stock indices rise 10, 15 or 20 percent, the upper circuit will be hit. NSE Nifty soon surged to 4200 level, up by nearly 14.4%. This triggered the first trading halt as the markets were locked in upper circuit.

If one Stock exchange hits upper circuit, the trading is halted and the trading will also be halted on the second exchange. In today's session, the volumes were low on both the stock exchanges.

Most stocks were locked in upper circuit and traders were not having a chance to buy stocks at much higher valuations compared to last close.

On NSE, top gainers were Unitech (up by 26.5 per cent), Reliance Capital (up by 26.4 per cent), Bharti Airtel (up by 25.4 per cent), DLF (up by 25 per cent), Reliance Communications (up by 24.7 per cent), M&M (up by 23.8 per cent), Reliance Infra (up by 23.2 per cent), ICICI Bank (up by 23 per cent), HDFC (up by 22.4 per cent), Sun Pharma (up by 22 per cent), Suzlon Energy (up by 21.8 per cent), Hero Honda (up by 21.7 per cent), Reliance (up by 21.3 per cent), SAIL (up by 21 per cent), SBI (up by
20 per cent), Sterlite (up by 19.8 per cent), Axis Bank (up by 18 per cent).

Other major stocks which ended the day with gains were Idea Cellular, Tata Steel, Grasim, ONGC, Reliance Power, Siemens, HDFC Bank, Power Grid Corp, TCS, Reliance Power, BPCL, Tata Power, Ambuja Cements, PNB, Ranbaxy, Hindalco, Tata Motors, ACC, GAIL, Infosys, Maruti Suzuki, HCL Tech, ITC, NALCO, Wipro, Cipla, Cairn India and HUL.

Technical Experts including Ashwani Gujral, Rajat K Bose, Motilal Oswal, Shanker Sharma and Ashu Madan were expecting a positive opening and a rise of nearly
800-1000 points for BSE Sensex in today's session. None of the analysts expected the markets to lock in two upper circuits. At present, the valuations may look over-stretched as the stock markets went up on low volumes.

It may be difficult to take a trading call at the current levels as most stocks have jumped on positive sentiment. The situation will be more clear after few days as the new cabinet is formed. Also, much will depend on the policy announcements from new Finance Minister. Mr. Montek Singh may be given the charge of Finance Ministry.

Technical Expert Ramesh Damani expects the new government to put PSU divestment on fast track. As Left parties will not be a part of the government, things will go smooth. This may benefit many PSU stocks which are candidates for divestment.