24 Feb , 2021 By : kanchan Joshi
MUMBAI: The National Stock Exchange (NSE) has shut down the trading in markets at 11:40 AM on Wednesday following a technical glitch. The issue is on account of disruption on the lease lines provided by the two leading telecom providers. These telecoms provide connectivity for the exchange through which the market prices are updated. A person with direct knowledge of the matter said the exchange could restart its operations by 1:15-1:30. However, NSE has not made any official statement on the restart time.
The development comes after the prices of Nifty and Bank Nifty weren’t updating since 10:00 AM in the morning. It is still not known when the market would be restarted.
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.
"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".
India's largest broker, Zerodha, advised its clients to execute their trading orders through BSE for time being.
To be sure, NSE’s glitch won't mean a complete market shutdown since interpretability scheme could be availed and cash market traders can use the BSE platform to place orders until NSE restores. BSE’s website and social media tweets by several traders suggest its business as usual at BSE. While Nifty froze after it gained 0.77 per cent, Sensex was trading 0.46 per cent higher at 12:15 PM.
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