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

March 7, 2022

Written by Abhirup Roy

MUMBAI (Reuters) – India’s National Stock Exchange (NSE) said on Monday that two key indexes are now operating normally after they previously stopped updating “periodically” – a failure that occurred amid a sharp fall in Indian stocks.

The country’s largest stock exchange noted problems with the NSE Nifty 50 blue chip index and the Nifty banking index earlier in the day, but later said “broadcasts resumed normally on all indices.”

NSE officials did not respond to a Reuters request for comment on the reasons for the failure.

Some market participants have tweeted to reveal the problem before the stock market’s statements.

“There is a problem with the data channels for NSE shares from the exchange for all members,” wrote on Twitter India’s largest broker Zerodha about 20 minutes after the opening of stock markets. Forty-five minutes later, the broker wrote on Twitter that he began receiving live data from the exchange, excluding indexes.

Almost an hour after the second tweet Zerodha NSE stated that all indexes are updated normally.

NSE Nifty 50 and S&P BSE Sensex fell more than 3% on Monday as investors worried about rising inflation and a large current account deficit after oil prices exceeded $ 130 a barrel, fearing a ban on Russian oil imports.

In a separate statement, the BSE said it was operating normally.

Last year at NSE there was a failure that stopped all trading on the exchange for almost four hours, and another technical failure in 2017 closed the exchange for five hours.

Both incidents drew sharp criticism from brokers and traders, who said NSE spoke poorly about the problems, leading to losses for some investors.

After a halt in 2021, India’s Securities and Exchange Commission has tightened its emergency response procedures, including reducing the time to declare an incident a “disaster” and activate backup systems.

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

(Reported by Abhirup Roy; edited by Aditya Kalra and Edwin Gibbs)

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