Editorial

As January 17, 2026, dawns in Gurugram and across the Delhi-NCR region, residents are waking up to yet another morning shrouded in thick, impenetrable fog, biting cold, and hazardous air quality. The India Meteorological Department (IMD) has confirmed the persistence of a severe cold wave, with minimum temperatures hovering around 3–6°C—well below seasonal norms—and dense to very dense fog reducing visibility to as low as 50 meters or even zero in pockets. Schools in Gautam Buddh Nagar (Noida) remain closed for safety, while commuters brave near-zero visibility on roads, highways like the Delhi-Noida Expressway crawl at snail’s pace, and flight operations at Indira Gandhi International Airport face repeated delays and cancellations under low-visibility CAT III procedures.

This annual winter phenomenon is no mere inconvenience; it is a compounded crisis. The cold wave, driven by calm winds and temperature inversions, traps pollutants close to the ground, transforming natural fog into toxic smog. Recent studies, including one from IIT Madras published in Science Advances, reveal how high aerosol concentrations from vehicular emissions, industrial activity, stubble burning, and construction dust actively thicken and prolong fog layers. These aerosols invigorate condensation, creating denser, longer-lasting fog that not only disrupts transportation but also amplifies health risks.

The Air Quality Index (AQI) in Delhi-NCR hovers in the hazardous to very poor range—often exceeding 600–800 in real-time readings—with PM2.5 and PM10 as dominant pollutants. This toxic brew irritates respiratory systems, exacerbates asthma, cardiovascular issues, and poses grave dangers to children, the elderly, and those with pre-existing conditions. Hospitals report spikes in cold-related and pollution-induced cases, while daily life grinds to a halt: trains run hours late, road accidents rise due to poor visibility, and economic productivity suffers.

The root causes are systemic. Winter meteorological conditions naturally favor fog formation in the Indo-Gangetic Plain, but unchecked pollution turns it lethal. Despite GRAP measures and occasional wind dispersals, the region remains trapped in a vicious cycle. Authorities issue advisories—use fog lights, drive cautiously, limit outdoor exposure—but these are bandaids on a gaping wound.

A sustainable solution demands urgent, multi-pronged action: stricter enforcement of emission norms, accelerated shift to clean energy and public transport, region-wide crackdowns on crop residue burning, and investment in urban green infrastructure. Without addressing the pollution-fog nexus head-on, North India will continue to pay a heavy price every winter—lost lives, disrupted livelihoods, and a poisoned atmosphere. The time for half-measures is over; decisive policy and collective responsibility are essential to reclaim clearer skies and healthier winters.

In a rare and pragmatic decision, the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) have announced that trading will remain open on Sunday, February 1, 2026, coinciding with Finance Minister Nirmala Sitharaman’s presentation of the Union Budget 2026-27 at 11:00 AM in Parliament. This marks the first time since 2000 that the Budget will be tabled on a Sunday, transforming what is typically a day of rest into a working one for Dalal Street.

Both exchanges issued circulars confirming full-fledged live trading sessions with standard timings: pre-open from 9:00 AM to 9:08 AM, followed by regular equity, futures & options (F&O), and commodity derivatives trading from 9:15 AM to 3:30 PM. Trade modifications will extend until 4:15 PM in relevant segments. Notably, specialized sessions like T+0 settlement and auction for settlement defaults will remain suspended, as clarified by BSE, ensuring operational focus on core market activity.

This move is not entirely unprecedented. Indian stock markets have previously operated on non-working days for Budget presentations—such as Saturdays in 2025 (February 1), 2020 (February 1), and 2015 (February 28)—to allow immediate investor reactions to fiscal announcements. The rationale is clear: the Union Budget profoundly influences market sentiment through tax reforms, sectoral allocations, fiscal deficit targets, capital expenditure plans, and policy signals on growth, inflation, and investment. Delaying responses until Monday could amplify volatility or miss timely opportunities in a fast-globalizing economy.

The decision underscores the growing maturity and responsiveness of India’s capital markets. With Sitharaman set to deliver her ninth consecutive Budget—a record of continuity unmatched in recent history—this year’s exercise carries added weight amid global uncertainties, including potential U.S. tariff policies, geopolitical tensions, and domestic priorities like manufacturing, MSMEs, agriculture, and infrastructure. Opening markets on a Sunday ensures seamless integration of Budget highlights into trading strategies, benefiting retail investors, institutional players, and foreign portfolio investors alike.

Critics might argue it disrupts work-life balance for traders and brokers, yet the precedent of weekend Budget trading has proven efficient without long-term disruption. It reflects a market ecosystem aligned with national economic imperatives, where real-time transparency trumps tradition.

As February 1 approaches, this special trading day symbolizes India’s commitment to dynamic, investor-friendly financial infrastructure. It prepares the ground for a Budget expected to balance fiscal prudence with growth stimulus, reinforcing India’s trajectory toward becoming a developed economy. In an era of 24/7 global markets, keeping Dalal Street open on a Sunday is a small but significant step toward greater resilience and inclusivity.

• SAS Kirmani