Tech glitch hit NSE at the worst possible time

Ivan Schwartz
July 12, 2017

The market extended previous day's momentum, with the Nifty crossing 9,800 level intraday for the first time and the Sensex surged 169 points but investors preferred profit booking in last hour of trade that forced the market to close moderately higher.

The 50-share NSE Nifty gained 48 points or 0.49 percent to 9,819.05 after moving in range of 9,820.25-9,783.75.

The bourse said that the technical glitch has persisted and the opening of both Cash and F&O segment market got delayed.

As per schedule, traders were ready at 9.00 am to put their trade in cash and Future and Option (F&O) segment with price quote of share at NSE terminals for pre-open session.

After two unsuccessful attempts at restoring the activities of the exchange, the NSE resumed normal trading in cash and derivatives in its third attempt.

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The NSE did not provide a reason for Monday's disruption, attributing it to "technical reasons". "Market re-open time will be intimated".

In the afternoon, Sebi, in a statement, said it was closely monitoring the situation. On Monday, this helped BSE continue trading even as NSE remained suspended. Many overseas exchanges have also experienced such trading halts due to technical issues. "Besides, if something as critical as NSE can face unexpected downtime, it means we need to constantly review our cyber security standards", says a former intelligence officer who has worked with the NICRD, part of the NTRO under the PMO. Also, NSE to submit report to SEBI on glitch.

"After the technical delay in NSE, the broad market rose to new heights supported by IT and pharma stocks which rose on the heels of positive U.S. job data", said Vinod Nair, Head of Research, Geojit Financial Services.

Meanwhile, NSE has said that the matter is being examined by the exchange's internal technical team and external vendors, to analyse and identify the cause which led to the issue and to suggest solutions to prevent recurrence. The NSE has been the largest stock exchange in India in terms of total and average daily turnover for shares every year since 1995, as per Sebi data.

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