07 May,2024 12:20 PM IST | Mumbai | mid-day online correspondent
Representative Image/ istock
On Tuesday, the MD & CEO of the National Stock Exchange (NSE), Ashishkumar Chauhan said that the Securities and Exchange Board of India (SEBI) has declined the proposal to extend trading time. During an analyst call, per the media reports, Chauhan said that SEBI rejected the proposal due to a lack of feedback from stock brokers that the regulator had requested.
Chauhan explained that SEBI rejected the proposal due to a lack of feedback from stock brokers, which the regulator had requested.
Last September, PTI reported that the NSE was considering gradually increasing trading hours in the equities derivatives segment. Sriram Krishnan, NSE's Chief Business Development Officer, announced plans for a session from 6 pm to 9 pm, following a break from 9.15 am to 3.30 pm.
According to PTI, although the Indian equities and equity derivatives markets close at 3.30 pm, numerous European equity markets have just started while the US equity markets are closed.
The news agency highlighted that Indian investors, particularly small businesses, lack access to global markets. They are unable to respond to events or information after usual trading hours, affecting Indian asset values, particularly equities indices.
Extended trading hours in offshore markets provide an opportunity to analyse such information when onshore markets are closed.
Indian stock market starts well, turns volatile later
The Indian stock market began trading strongly on Tuesday but then witnessed volatility, ending flat. Initially, the 30-share BSE Sensex surged by 123.82 points to 74,019.36, while the NSE Nifty climbed 56.35 points to 22,499.05.
However, both indices experienced volatility late in the day, resulting in just minor increases. Hindustan Unilever, Nestle, ITC, Asian Paints, State Bank of India, and Tech Mahindra were among the Sensex basket's biggest gainers. However, HCL Technologies, Power Grid, Mahindra & Mahindra, and Tata Steel were among the laggards, stated another PTI report.
Seoul and Tokyo increased, while Shanghai and Hong Kong decreased. Wall Street had a solid finish on Monday. The global oil benchmark, Brent crude, rose by 0.29 per cent to USD 83.57 a barrel, the report added.
According to exchange statistics, Foreign Institutional Investors (FIIs) sold stocks worth Rs 2,168.75 crore on Monday. On the previous trading day, the BSE benchmark increased 17.39 points, or 0.02 per cent, to end at 73,895.54, while the NSE Nifty fell 33.15 points, or 0.15 per cent, to 22,442.70.
