The stock markets will remain open for normal trading on 1 February, Saturday when the Union Budget 2020-21 will be presented.
This will be Finance Minister Nirmala Sitharaman's third Budget and first full-year Budget of the Bharatiya Janata Party (BJP) led National Democratic Alliance (NDA) government's after it retained power in 2019.
This will be for the first time after 2015-16 that the Union Budget is going to be presented on Saturday, said a report in The Economic Times.
Generally, the stock markets are closed on Saturdays and Sundays as well as other holidays, except for special circumstances.
The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) would be open for trading on 1 February on account of Union Budget presentation, the exchanges informed through circulars.
Trading would be conducted during normal hours from 9 am to 3.30 pm, as per the circulars.
According to market sources, the decision has been taken following requests made in this regard by market participants as Budget contains several market-moving announcements, reported PTI.
In 2015, stock exchanges were open for trading on 28 February, Saturday, when then Finance Minister Arun Jaitley had presented the Budget.
Stock markets have always been open on normal timings since Budget presentation timings were changed from 5 pm to 11 am in 2001.
Traditionally, the Union Budget is presented at the end of February every year and passed by May. However, from 2017, the date had been set on 1 February to ensure its passage before the beginning of the fiscal year in April. Jaitley had presented the 2017-18 Budget after this change. This would allow early release of funds to ministries which can start their spending from April.
— With PTI inputs
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Updated Date: Jan 23, 2020 12:36:30 IST