Mumbai, Jan. 27 -- The Union Budget, once the single biggest policy trigger for Indian stock markets, has increasingly become a non-event in recent years.

But the muted reaction on Budget Day reflects a deeper shift. Policymaking has become more continuous, predictable and front-loaded, leaving investors to position themselves weeks or months in advance rather than react to a single speech.

With key reforms, incentives and sector-specific measures now rolled out through cabinet decisions, press releases, special packages and the goods and services tax (GST) Council through the year, the element of surprise on Budget Day has largely faded, according to market experts. Market volatility around the event has declined, expectations are more...