Indian market reversed gains and fell into the red in the second half of the trading session weighed by weak domestic cues.The S&P BSE Sensex hit a high of 40,010, but reversed gains, touching the low of 38,395.89, while Nifty50 slipped to touch 11,325.85 on the downside in intraday trade.
The S&P BSE Sensex closed 839 points, or 2.13 percent, down at 38,628.29 while the Nifty50 fell 260 points or 2.23 percent to 11,387.50 levels.The meeting between the Securities and Exchange Board of India (SEBI) with brokers, leading corporates, exchanges, and depositories on Monday has been concluded and the Sebi is ready to move into the new margin pledge and re-pledge system from September 1, 2020.
he changes in margin system and securities pledge-repledging could undoubtedly bring disruptions in volumes of daily trading as there are insufficient preparation and validation by the participants in this system – viz Exchanges, Depositories, Depository Participants, Clearing corp, Brokers and clients, suggest experts.
