Technical glitch at NSE push Axis Gold, Axis Nifty ETFs higher; bourse cancels trades

NSE

A technical glitch at the National Stock Exchange (NSE) on Friday morning drove up the prices of Axis Gold ETF and Axis Nifty ETF by up to 6,553 per cent, prompting the bourse to cancel the trades. Axis Gold ETF climbed by 6,553.01 per cent to Rs 3,482.85 on the NSE. It had settled at Rs 52.35 on Thursday while Axis Nifty ETF was quoting at Rs 1,151, a jump of 741.37 per cent from the previous close of Rs 136.80.

"Members are requested to note that trades in Axis Gold and Axis Nifty till 09.50 am will be cancelled by the exchange. Trading in this securities shall resume with the revised price band post this activity and the same will be notified in advance," a NSE spokesperson said.

There was no trading in the two ETFs during the day and fresh trade in both ETFs will resume on Monday.

Technical glitches have affected the exchange earlier too. On June 4, NSE was hit by a glitch as its bank option segment and prices were not reflecting on the terminal linked to the bourse.

On September 24, 2019, the exchange's system faced trading outage as investors were unable to place orders in the final minutes of the trade. The move had hit several brokers and traders who had active positions in the market.