Technical glitch brings NSE to a grinding halt

Technical glitch brings NSE to a grinding halt

Technical glitch brings NSE to a grinding halt

NSE had faced a similar technical glitch in May in the F&O segment where numerous traders were unable to exit their intra-day trading positions following an erroneous order cancellation request.

NSE had company on Monday, with Indonesia Stock Exchange too halting trade due to technical issues. However, dealers are still faced with display issues, which are causing a delay in updating prices on the cash market.

The Finance Ministry also sought a report from the Securities and Exchange Board of India (Sebi) regarding the same. A source, who works in a broking firm, told Moneycontrol: "We collect trading rates a day before pre-opening and send them to the exchange".

Earlier in the morning, NSE started the session on a disastrous note as stocks and F&O quotes didn't update and trade orders did not go through. The cash, as well as, the futures & options segments of the exchange had to be shut down.

However, after fixing the glitch, the trading on the National Stock Exchange resumed at 12:30 pm and the benchmark Nifty rose to an all-time high of 9,782.15 and the Sensex rose as much as 408 points to hit high of 31,768.39.

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NSE also clarified that it did not shift trading to the Business Continuity Planning or Disaster Recovery sites since those are invoked only during some form of disaster, hardware failure or connectivity issues whereas preliminary assessment on Monday indicated a software problem.

Amid concerns raised in certain quarters on why trading activities were not shifted to the back-up system, the NSE said that shifting would have taken longer.

Sebi has directed the NSE to submit a detailed report on the matter, the statement said.

The NSE is 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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