A momentous day or a big bore?
The country’s leading stock exchanges started trading at 9 a.m. — with the start time advanced by 55 minutes in a controversial move — on Monday, but the many market players did not see the surge in volumes they were looking for.
Starting the day early on a cold winter morning did not enthuse brokers either.
Ashu Madan, President, equity broking, at Religare Securities said he was happy not to see grumpy faces despite a cold wave lashing northern India.
“It was the first day and people were more excited. Reactions will start surfacing only after 20-30 days,” he said.
Both the Bombay Stock Exchange's 30-share Sensex and the National Stock Exchange's 50-share Nifty drifted higher, but on lower volumes.
At Angel Broking, people were busy adapting to new routine. “We had done a pilot run for a week with respect to all the essential processes and systems and are today ready for advanced timing,” said Amit Majumdar, Chief Strategy Officer, Angel Trading.
Trades worth Rs 14,978.5 crore were done at the NSE against Rs 15,149.2 crore on December 31, the last trading day. “The day was a dud. When the market is volatile, one wants more time to trade and when its dud, even a two-hour trading day is a bore,” said Madan.
“The turnover at the exchanges were very low in any case and hence, no trend can be established on this basis,” said Majumdar.
“One has to arrive in office by 8 to prepare for the day ahead. Travelling from places such as Kalyan, Dombivli, Thane, to offices located at Lower Parel, Andheri, commuting early in this season is difficult,” said Kapil Mokashi, an executive at Sharekhan Ltd.
Retail investor Anand Beerappa seemed pleased. “I began tracking bourses at 9 today, and by 10.30 had traded in scrips worth Rs 20,000. Normally this happens by 12.30. I am done for the day now. This leaves me with more time for other activities, which was not the case earlier,” he said.