Mumbai, May 18: The stock market today Usain Bolted, sprinting 1300 points in 35 seconds flat as it ran wild in celebration of stability in Delhi free from Left fetters.

The sensex surged over 17 per cent before a system-driven circuit breaker snapped trading for the day shortly before noon. The mercurial leap in the indices was achieved in two lightning bursts — much like the world’s fastest man Bolt — before the circuit breakers were activated.

It was the first time since the mechanism had been put in place on July 2, 2001, to snuff out excessive volatility that the market rocketed to the upper circuit filter of 20 per cent, which automatically locked down the trading platform.

Monday’s vault was just a tad shy of the historic 20.8 per cent jump on March 2, 1992, when Manmohan Singh, then finance minister, unveiled the celebrated package of reforms that tore down the barriers to foreign investors. The sensex could have crossed that milestone today had there been no circuit breaker, which was not in place in 1992.

The same euphoria seemed to grip the market as expectations of another burst of reforms welled up again.

Said Adi Godrej: “I expect a major stimulus package with the budget. I also expect a string of reforms package, including disinvestment, to be announced within the next six months.”

The 30-share BSE index jumped 17.34 per cent, or 2110.79 points, to 14284.21 points for its highest close since September 11, 2008.

The mood rubbed off on the rupee as well which climbed over 3 per cent to Rs 47.89 to a dollar, its sharpest increase since March 1986.

The pyrotechnics stood in sharp contrast to the immediate aftermath of the Congress’s ascent to power in 2004. On May 17 that year, the sensex had plunged over 11 per cent after the Left said it would halt the sale of the government’s stake in PSUs and slow the pace of reforms.

The markets are expected to open strong tomorrow — and the punters don’t want the circuit breakers to freeze trading again since investors and day traders got almost no chance to transact today. Total trade on both exchanges amounted to just Rs 3,100 crore. Overall trading volume was light at just 13.3 million shares, against a daily average of 400 million in 2009.

Some analysts are forecasting a year-end target of 15300 points. But Anand Tandon of Bric Securities reckoned investors would start taking money off the table once the sensex crossed 14,500. “At some stage, there are factors other than liquidity and euphoria that come into play.”