Sensex and Nifty — domestic stock market witnessed a huge drop on Monday as crude oil price hit $139 a barrel amid Russia-Ukraine war. As the United States and its allies had continued to impose sanctions on Russia, Brent crude reached its highest level since 2008. Amid this turmoil in the market, the stock prices have stopped updating on National Stock Exchange or NSE in the morning. Several traders and investors took to social media platforms to report glitches that restricted them from trading.
Nifty equity index frozen, minuted before the stock market had opened on March 7. The rates stopped updating at around 9.17 am, according to traders. Zerodha, the largest broking platform in the country, informed its clients on social media that stock-exchange is facing issues. “There is an issue with data feeds for NSE stocks from the exchange across all members. Please check 20 market depth before placing orders or place orders on BSE,” it wrote.
https://twitter.com/price_trader_/status/1500686497884041217?s=20&t=DW4qdYhMAL3CRFCZ65cRXA
At 9.53 am, Zerodha and ICICI Direct mentioned on their social media pages on Twitter that Nifty had started working again. “NSE feeds are working fine now. Orders are getting executed in both the exchanges,” the popular brokerage firm wrote.
Zerodha wrote, “We have started receiving live data from NSE. To confirm, you can check the Last Trade time (LTT) in the market watch before placing orders.”
For investors, ICICI Direct said, “You may look at order book depth and last traded time at the exchange before placing orders.”
Amid the technical glitch in India’s largest stock exchange, BSE or Bombay Stock Exchange said in a statement, “BSE is working normally today.”
NSE Glitch: A Look at Past Events
This was the second time that NSE has stopped working during intra-day trading. On February 24, 2021, the National Stock Exchange of India halted trading during after a technical glitch in the index price feed. “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 statement.
After the technical glitch, the Securities and Exchange Board of India (Sebi) directed the National Stock Exchange (NSE) to fix the “individual responsibility” for the exchange’s failure to shift to the disaster recovery (DR) site on February 24. SEBI also asked the NSE to determine “why NSE management failed to shift NSE’s operations from primary site to DR site as specified by SEBI.”
The market regulator also planned to revamp the existing system which allows smooth settlement of equity trades done across exchanges. Under the new framework, the margins of market participants will be updated on a real-time basis. It has formed a special committee to implement these changes, according to a report. Sebi wants even traders to execute the order even when transactions are not going through in one of the exchanges.
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