April 9: NSE Bans 3 Stocks Over MWPL Limit

9 Apr 2024 , 10:12 AM

National Stock Exchange (NSE) implemented bans on three stocks on April 9, 2024: Bandhan Bank, SAIL, and ZEEL.

The ban was enacted within the futures and options (F&O) segment due to these stocks surpassing 95% of the market-wide position limit (MWPL). Despite the ban, these stocks remain tradable in the cash market.

No fresh positions are permitted in derivative contracts associated with the banned securities. Clients and members are only allowed to engage in trades aimed at reducing their existing positions.

On April 8, 2024, the Indian stock market witnessed significant gains, with both the BSE Sensex and NSE Nifty reaching new record highs. The BSE Sensex surged by 494.28 points, settling at 74,742.50, while the NSE Nifty climbed by 152.60 points, reaching 22,666.30.

However, the broader market indices displayed mixed performance: the BSE midcap gauge experienced a rise of 0.26%, while the smallcap index witnessed a slight dip of 0.06%. The overall market optimism was attributed to positive global market trends and inflows of foreign funds.

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