Trading comes to grinding halt on NSE; here’s what exchange has to say

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Trading on the National Stock Exchange (NSE) came to a halt on February 24 due to some technical issues with telecom service providers.

NSE spokesperson in a note said, “The exchange has multiple telecom links with two service providers to ensure redundancy and 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.”

“We are working on restoring the systems as soon as possible. In view of the above all the segments have been closed at 11.40 am and will be restored as soon as the issue is resolved,” the spokesperson added.

Money9 was the first to report about the glitch.

Market participants were earlier highlighting the issue since morning on Twitter about the technical error.

Nithin Kamath, co-founder of Zerodha in a tweet said, “NSE has halted all trading (Equity, F&O, Currency) from 11.40 am. NSE had issues with streaming feeds for Nifty, Banknifty, and other indices from 10.06 am. I am guessing that they are restarting all the processes for which they had to stop trading to fix the index feeds issue.”

We are working on restoring the systems as soon as possible. In view of the above, all the segments have been closed at 11:40 and will be restored as soon as issue is resolved.

— NSEIndia (@NSEIndia) February 24, 2021

On the other hand, BSE continues to have normal trading in all segments. The 30-share Sensex traded 243 points, or 0.49%, up at 49,994 at around 12.30 pm (IST).

Meanwhile, market veteran Shankar Sharma in a tweet said, “I am remembering today the Russian market shutdowns in 1998: Russian authorities would wait for Europe to open, see if markets were Green, if yes, open Russia for trading. Else keep it shut. Today’s, Asia market action is ugly….”

I am remembering today the Russian market shutdowns in 1998: Russian authorities would wait for Europe to open, see if markets were Green, if yes, open Russia for trading. Else keep it shut. Today’s, Asia market action is ugly….

— Shankar Sharma (@1shankarsharma) February 24, 2021