On Wednesday National Stock Exchange halted the trading after the rates on the exchange stopped updating due to a technical glitch. NSE will soon notify the reopening time. NSE’s spokesperson said that they are working on restoring the systems as soon as possible.
He also said that NSE has multiple telecom links with two service providers to ensure redundancy. “We have received communication from both the telecom service providers that there are issues with their links due to which there is an impact on NSE system,” NSE said in a tweet. While, BSE continues to have normal trading in all segments on Wednesday.
There have been several incidents in which the trade at major stock exchanges has suffered technical glitches, causing markets disruption in one way or the other. There have been several notable trade disruptions on the US stock exchanges as well, including one on Nasdaq, which, ironically is known for listing technology companies.
Brokers told CNBC TV 18 News that clients who have put in cover orders could be hit if the prices on resumption are below the stop loss or above it. BSE had also suffered a two-and-a-half-hour stoppage in November 2010 due to a technical fault involving trade confirmations.
In June 2014, a technical error led to a three-hour trading halt at BSE. This halt was the longest on record for BSE, which is Asia’s oldest exchange. BSE Sensex was trading 289 points or 0.58 per cent higher at 50,040.07. While, so far, no official statement has been issued by NSE over the glitch.
Nifty 50 stood at 14,820.45, up by 112.65 points or 0.77 per cent, after which it stopped updating. Earlier, on 13 March 2020, NSE and BSE halted trading when a 10% fall in Nifty 50 triggered a circuit breaker. “Reached out to NSE, NSE says working to resolve the issue; Do not see too much impact on trading activity due to NSE outage,” Zerodha’s Nikhil Kamath tells ET NOW. All pending orders are likely to have been cancelled. Brokers are advised caution before placing fresh orders when the exchange reopens.