India’s NSE says key indexes operating normally after glitch

FILE PHOTO: Gardeners work outside the National Stock Exchange building in Mumbai
FILE PHOTO: Gardeners work outside the National Stock Exchange (NSE) building in Mumbai, India, August 16, 2018. REUTERS/Francis Mascarenhas/File Photo

March 7, 2022

By Abhirup Roy

MUMBAI (Reuters) -India’s National Stock Exchange (NSE) said on Monday two key indexes were now operating normally after they earlier stopped updating “intermittently” – a glitch that came amid sharp drops in Indian shares.

The country’s biggest bourse had flagged problems with the blue-chip NSE Nifty 50 index and Nifty’s bank index earlier in the day but later said that “broadcast has resumed normally in all indices.”

Representatives for the NSE did not respond to a Reuters request for comment on the cause of the glitch.

Some market participants took to Twitter to disclose the problem ahead of the bourse’s statements.

“There is an issue with data feeds for NSE stocks from the exchange across all members,” India’s largest broker Zerodha tweeted about 20 minutes after stock markets opened. Forty-five minutes later, the broker tweeted saying it had started receiving live data from the exchange except for indices.

Almost an hour after the second Zerodha tweet the NSE said all indices were updating normally.

The NSE Nifty 50 and S&P BSE Sensex fell more than 3% on Monday as investors worried about higher inflation and a bigger current account deficit after oil prices hit over $130 a barrel on fears of a ban on Russian oil imports.

The BSE said in a separate statement it was operating normally.

Last year, the NSE suffered an outage that shut all trading on the exchange for nearly four hours while another technical glitch in 2017 shut the bourse for five hours.

Both incidents sparked sharp criticism from brokers and traders who said the NSE did not communicate about the issues well, leading to losses for some investors.

Following the 2021 halt, the Securities and Exchange Board of India tightened response procedures in case of disruptions, including reducing the time for declaring an incident a “disaster” and activating backup systems.

The regulator did not immediately respond to a request for comment on Monday’s issue.

(Reporting by Abhirup Roy; Editing by Aditya Kalra and Edwina Gibbs)