Moneycontrol
Jul 10, 2017 06:14 PM IST | Source: Moneycontrol.com

NSE tech glitch: Normal trading starts at 12:30 pm, Nifty ends above 9700 for 1st time

Sources told CNBC-TV18 that NSE cash quotes not updating, while future rates are still working fine.


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5:00 pm Expert's take: "It was a bizarre situation faced by clients which actually affected not just arbitrageurs but across the vertical. The problem actually got worse when there was no clear statement, guidance from NSE about the same. NSE did clarify but it was way too late around 10 AM," Mustafa Nadeem, CEO, Epic Research said.

He further said secondly arbitrageurs who creates a multiple positions on various exchanges which has affected them largely. Not just that, traders, speculators, and investors where affected since a lot of orders were punched in from pre-opening sessions to post that when there were a lot of short sell orders as well.

With that it was basically retail clients which were affected and certainly with lack of clarifications it got worse, he feels.

4:00 pm Senior NSE executive Ravi Varanasi told CNBC-TV18 that all issues have been resolved. He also said that trade executed during the first three hours will not be cancelled.

3:30 pm Market Closing: The NSE Nifty closed above 9,700 level for the first time, up 105.25 points or 1.09 percent at 9,771.05 after three hours of normal trading.

The exchange halt trading in cash as well as F&O segments for first three hours due to software issues.

2:59 pm Market Update: Equity benchmarks rallied further, with the Nifty inching towards 9,800 level, up 109.60 points or 1.13 percent at 9,775.40.

Meanwhile, the 30-share BSE Sensex was up 373.66 points or 1.19 percent at 31,734.29.

1:23 pm Normal trade: The 50-share NSE Nifty was up 72.40 points or 0.75 percent at 9,738.20 while the 30-share BSE Sensex was up 264.79 points or 0.84 percent at 31,625.42.

About 1,535 shares advanced against 937 declining shares on the BSE.

1:08 pm NSE clarified that Cash and F&O markets are functioning normally.

However, a display issue has been noticed in cash segment which is being addressed, it said.

1:00 pm Problem continues: In normal session, trading volume should be high in large cap stocks but according to the exchange data, Bajaj Auto trades with 877 shares and Eicher Motors with 400 Shares on NSE while these trades with volume of nearly 28,000 shares and more than 2,200 shares on BSE.

12:57 pm Finance ministry sources told CNBC-TV18 that it expects market regulator SEBI to submit an interim report on the technical glitch by today evening.

12:56 pm Broker's take: Dipan Mehta, Member BSE & NSE also confirmed that they are also facing difficulty in executing trade in cash segment.

"The prices are not moving. Volumes are not increasing the way it should be on a day like this. There is definitely a technical issue," he said.

12:52 pm There has been huge difference in ask and bid price of stocks on NSE

12:46 pm Brokers said they are facing difficulty in executing trade in cash segment.

12:43 pm Finance ministry sources told CNBC-TV18 that the Department of Economic Affairs has asked the NSE to submit a report on the technical glitch.

12:33 pm SEBI issued notification, saying National Stock Exchange of India, (NSE) stopped trading this morning, reportedly, due to “technical glitch”.  SEBI is in touch with NSE and is closely monitoring the situation.

12:32 pm The normal trading at NSE has started, with the Nifty trading up 57.25 points or 0.59 percent at 9,723.05.

The 30-share BSE Sensex was up 254.18 points or 0.81 percent at 31,614.81.

12:25 pm The 50-share NSE Nifty settled at 9,722 level in pre-opening session, up 56 points. Normal trade will start soon.

12:15 pm The NSE started pre-opening session.

12:10 pm Problem of Bad Deliveries: If someone has short of sold on NSE cash market with a view to cover during the day. If the market doesn’t open, are at risk of auction and their penalties.

12:05 pm Lack of clarity from NSE puts traders at risk. The pre-open session was initiated by NSE three times but failed due to technical reasons. Lack of communications would leave traders stranded in terms of trades they have already initiated.

12:00 pm NSE said, "In F&O Segment - members shall be given 15 minutes window to cancel their outstanding orders. The cancellation window shall be available from 12:15 to 12:29 pm."

11:59 am Normal trade: The National Stock Exchange said cash market (CM) segment would pre-open at 12:15 pm and would end at 12:22-12:23 pm (random closure).

CM segment normal market and F&O segment will open at 12:30 pm, it added.

11:50 am Traders concerned about their F&O trades worth Rs 77,000 crore taken place on the exchange.

11:45 am Finance Ministry official said the government is aware of technical glitch at NSE and informed SEBI of NSE trading disruption due to software issues.

11:43 am Expert's take: “It is unfortunate to see this spectacle on a day when the market is touching new highs. The key element is timely communication and timely action, which is lacking in this case,” Sanjay Dutt of Quantum Securities told CNBC-TV18.

There is a need for more transparency and communication from the exchanges, he added.

11:38 am NSE further said the exchange is still working on resolving this issue and will update shortly.

11:34 am "Don't go by the 'neat' message, we are still working on the issue," NSE said.

11:30 am NSE is not closed for trade today.

11:25 am NSE clarifies again: The exchange said that due to technical reasons in cash segment, the opening of market (Cash and F&O segment) has been further delayed. Market re-open time will be intimated.

11:17 am NSE cash and futures & options segments markets are not opened for trading, though the exchange told earlier that it would open at 11:15 am.

The pre-opening trade has taken place on the exchange for seven minutes from 11:00 am and after that even initial trades were seen but within few minutes, the exchange again found some technical glitch.

11:01 am NSE starts its pre-opening session for cash market segment.

10:58 am NSE said Cash Market segment would pre-open at 11:00 am and would end at 11:07 - 11:08 am (random closure).

Cash Market segment normal market will open at 11:15 am, it added.

10:50 am Brokers say normal trade on National Stock Exchange will start at 11:15 am.

Pre-opening session session will be for seven minutes from 11:00 am to 11:07 am.

10:47 am BSE CEO Ashish Chauhan told CNBC-TV18 that the exchange has got 7 lakh trades till now and traded volumes were slightly higher today.

"We are constantly in touch with SEBI," he said.

10:45 am NSE said due to technical reasons in cash market the opening of market (Cash and F&O segment) has been further delayed. Market re-open time will be intimated.

10:31 am NSE sources told CNBC-TV18 that trades are not going through in pre-opening session of the exchange.

10:21 am The National Stock Exchange will start cash and F&O trading at 10:45 am again, according to CNBC-TV18 quoting NSE sources.

It is learnt that the exchange will start pre-opening session at 10:30 am.

10:16 am Expert's take on NSE issue: “Trading is currently not happening at all. It is a bigger problem than a mere rate, there should not be any panic though,” Deena Mehta, MD, Asit Mehta Investment Intermediates told the channel, adding that there is a good chance that the exchange will cancel all the pending orders.

10:13 am BSE CEO Ashish Chauhan said the exchange is not facing any technical issue and trading is taking place normally.

10:10 am Sources told CNBC-TV18 that the NSE will announce future course of action anytime.

10:05 am CNBC-TV18 exclusive: J Ravichandran, Interim Chief of the National Stock Exchange, told CNBC-TV18 that the exchange was trying to resolve the technical glitch at the earliest. “At this point, the focus is to restart the market,” he told the channel. On being quizzed about whether the pre-opening would begin again, he said that an announcement in this regard will be made later.

Meanwhile, Dipan Mehta, Member of BSE and NSE tried to allay fears as well. “There is nothing to panic. They will have the exchange up and running quickly,” he told CNBC-TV18 as well.

9:55 am National Stock Exchange of India has shut trading in the futures & options segment and there has been no intimation from the exchange about re-opening, according to sources of CNBC-TV18.

9:20 am Benchmark indices hit a fresh record high in opening trade on Monday but soon after the opening NSE rates were note moving in tandem with the BSE, reports CNBC-TV18.

The S&P BSE Sensex surged to a fresh record high of 31,595.46 in opening trade while the Nifty50 rose to a high of 9,765.90.

Sources told CNBC-TV18 that NSE cash quotes not updating, while future rates are still working fine.

It is learnt that NSE rates are not updating due to some technical glitch. NSE Technical team is working on it to resolve the issue.

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Wide discrepancy was found in stocks prices of almost all companies. For example, Tata Motors on the BSE was trading 2.2 percent higher at Rs 446 while on the NSE it was down 0.6 percent at Rs 436.85.

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