Why India's biggest stock exchange had to shut

Trading Resumes at NSE After Major Technical Glitches in the Morning

An NSE spokesperson said normal trading in cash and F&O (futures and options) category will resume at 1230 hours. A Dalal Street broker said: "Small brokers and retail investors were not able to get proper quotes even after 12.30 pm when the exchange claimed that trading was progressing smoothly".

The Economic Times reported that around 10.20 am, the bourse said the glitch had been fixed and announced a pre-open session at 10.30 and start of trade in both cash and F&O segments from 10.45.

The disruption, which affected traders from the market open, surpassed a three-hour disruption suffered by the BSE in July 2014 because of a network outage.

NSE in an announcement on its website said cash and F&O markets are functioning normally.

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The key Indian equity indices on Monday was trading higher in the morning session.

In investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) bought stocks worth Rs 102.27 crore while domestic institutional investors (DIIs) invested scrip worth Rs 894.57 crore. Meanwhile, the Nifty was trading higher by 99.35 points or 1.03% at 9,765.15 with 45 components gaining.

The Securities and Exchange Board of India also issued a statement that the NSE is facing a technical glitch and that the regulator is "closely monitoring the situation".

"There is a need to have a clear framework as is the case with a flash crash", said Sandeep Parekh of Finsec Law Advisors. But the glitch didn't allow that. "A mixed trend at other Asian bourses following a rally on Wall Street on Friday on the back of forecast-busting USA jobs data cheered investors here", the report said.

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This, however, is not the first such instance.

On May 18 previous year, New York Stock Exchange was flummoxed as trading for 199 ticker symbols halted due to a technical issue. The technical team of NSE is looking into the issue.

The finance ministry said the glitch is a matter of "serious concern" for the markets. It has also directed the exchange to review its Business Continuity Plans.

"On preliminary analysis, the technical problem apparently is related to software".

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