NSE, BSE likely to extend trade timings by next month
Press Trust of India / New Delhi Nov 02, 2009, 16:33 IST
The country's two prime bourses, the National Stock Exchange and the Bombay Stock Exchange, are likely to extend the trading time by two and half hours from next month and a formal notification to this effect is expected shortly.
"Both the exchanges (BSE and NSE) have discussed the issue (extension of trade timings) and a formal notification is expected shortly," a senior exchange official said.
Last month, market regulator Securities and Exchange Board of India (Sebi) approved extension of the trading timings by up to two-and-a-half hours from 9 am to 5 pm. The current market hours stand from 9.55 am to 3.30 pm.
"Both the exchanges have already deliberated on the issue and they are likely to implement it after the expiry of the stock futures contract on November 26 or at the beginning of December contract," said an official privy to the development.
The new trading hours would now help integrate the Indian bourses with Singapore and other Asian markets in the morning hours and the European market in the evening hours.
In Singapore, which is around two and a half hours ahead of India, trading sessions are held between 9 am and 12.30 pm and 2 pm and 5 pm (local time).
"Right now we are losing out to SGX Nifty (Indian Nifty traded in Singapore bourse) in terms of volume. By aligning market hours with global bourses, we can maximise amount of capital allocation to the Indian stocks," ICICI Securities Executive Director Anup Bagchi said.
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