If the first day of trade is anything to go by, the stock exchanges’ controversial move to advance market opening from 9.55 am to 9 am — with a view to garner more trading transactions — did not yield results.
India’s leading exchanges, the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), preponed market opening by about an hour from January 4, a move that met with stiff opposition from brokers who said there were concerns on infrastructure and costs, and that more hours would lead to more stress for employees in the investment fraternity but won’t lead to an increase in volumes.
Data on day one of more trading hours showed trading volumes were at their lowest in the previous few months.
The total trading turnover on Monday amounted to a little above Rs 64,000 crore, included for both BSE and NSE.
In recent weeks, the average turnover for NSE alone has stood close to Rs 80,000 crore. Thus, even after discounting the fact that FIIs may have still not returned from the holiday season, volumes were still a disappointment.
"Our volumes, minus the treasury stock sale by Reliance Industries, were nothing to write home about,” said VK Sharma of HDFC Securities, referring to the share sale by the company when it sold 258 lakh stocks to raise funds.
“In fact, volumes in the derivative arena were the lowest in this financial year, barring 18th May, when the upper freeze in our circuits prevented any meaningful volumes in the segment and Diwali, which is anyway a truncated session," he said.
Source: Moneycontrol.comCourtesy moneycontrol.com
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