ibnlive » Business

Jan 05, 2010 at 04:59pm IST

BSE, NSE open early; volumes expected to rise

Mumbai: The Mumbai Stock Exchange opened one hour on Monday and will from now on will open at 0900 hrs IST everyday.

Traditionally the bustle started at Dalal Street at 1000 hrs IST but all that changed as the BSE opened the markets at 0900 hrs IST on January 4, 2010.

The move is expected to affect the volume of trading but regulars at Dalal Street don't seem too keen about this change in their daily schedule.

Girdhari Saraf has been setting up his makeshift share transfer certificate trade in Dala Street for the last 15 years, travelling everyday from Bhayander.

However, change in timing is not something he is looking forward to.

"Many people come from very far. If the markets open at 0900 hrs IST they will not be able to reach on time," says Girdhari Saraf.

Though Mumbai is known as an extremely professional city that never sleeps, most regulars at Dalal Street seem to be reluctant to give up on their morning sleep to catch up on extra trade.

The broking community says that while it might be useful for some investors, it will create problems for the backend operations and staff.

Moreover, questions are also being raised about the feasibility of the move.

"Brokers feel that it won't increase volumes, but will increase the cost," says stock broker Alok Churiwala.

But some Dalal street regulars seem to be happy with the new timings.

"I think it is good, we will have more time to do transactions," a stock broker says. Another one adds that he will now be able to come to the work place in an empty train.

"My train from Borivali will be empty so early so it is good for me," he says.

But it is not just Dalal Street as the extended timings will also affect schedules of banks and business channel newsrooms.