NSE tech glitch: Sensex ends 1030 pts up in extended trade, Nifty at 14,982

Sectorally, the Nifty Bank and Private Bank indices closed 4 per cent higher

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Stock market updates: India's largest stock exchange, the National Stock Exchange (NSE), abruptly shut its cash and derivatives segment, following a glitch which froze stock prices, triggering panic among investors. Trading was halted at 11:40 am and resumed only at 3:30 pm. The glitch, which came a day ahead of the monthly F&O expiry for the February series, caused massive volatility during the last hour of trade. The same is expected to continue on Thursday as well.

"NSE has multiple telecom links with two service providers to ensure redundancy and 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," NSE said. READ MORE

Post resumption of trade, both the Sensex and Nifty witnessed bouts of volatility as investors scurried to square off their positions, and execute morning trades. 

The benchmark S&P BSE Sensex zoomed to day's high during the fag-end of the session, soaring 1,130 points in the intra-day trade. The index ended 1,030 points, or 2 per cent, higher at 50,782 levels. HDFC Bank, Axis Bank, ICICI Bank, SBI, and HDFC, up in the range of 3 per cent and 5 per cent, were the top gainers among the 23 stocks that ended in the green.

On the contrary, Dr Reddy's Labs, TCS, Sun Pharma, Asian Paints and Power Grid declined between 0.5 per cent and 1.4 per cent and closed as top laggards on the index. 

Weightage-wise, HDFC Bank, Reliance Industries, HDFC, ICICI Bank, and Axis Bank supported the index.

Overall, market breadth on the BSE remained titled towards advances with over 1,850 stocks settling higher, compared with around 1,000 stocks that slipped today.

On the NSE, the Nifty50 closed above the 14,950-mark, up 272 points or 1.9 per cent at 14,982 levels. The index hit an intra-day high of 15,009.

In the broader markets, the S&P BSE SmallCap index settled 1 per cent higher on the back of gains in IIFL Securities, Manali Petrochemicals, Religare Broking, Dredging Corporation of India, and Nava Bharat Ventures, that gained in the range of 11 per cent and 20 per cent.

The S&P BSE MidCap index, on the other hand, ended 0.77 per cent higher.

Sectorally, the Nifty Bank and Private Bank indices closed 4 per cent higher each after Finance Minister Nirmala Sitharaman said that the government has lifted embargo on grant of government business to private banks. Federal Bank, Bandhan Bank, IDFC First Bank, and IndusInd Bank remained top performers on the Nifty Private Bank index.

That apart, the Nifty Financial Services, Realty, and Media indices closed between 1 per cent and 2.5 per cent higher. On the downside, the Nifty IT was the only index that ended in the red, down 0.11 per cent.

Global markets
European shares opened generally higher on Wednesday but world shares remained in the red after a weak Asian session, even after Fed Chair Jerome Powell pushed back against inflation fears.

Europe's STOXX 600 rose in early trading, up 0.1 per cent, Germany's DAX was up 0.4 per cent, but London's FTSE 100 was down 0.7 per cent.

The MSCI world equity index, which tracks shares in 49 countries, was down 0.4 per cent. 

(With inputs from Reuters)
5:45 PM

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Research, HDFC Securities

Indian equity benchmark indices witnessed a session marred by a technical outage that disrupted trading on the NSE for nearly four hours. The Nifty opened flat and rose in early trade. The NSE shut trading in its cash and derivative segments at 1140 Hrs, citing “issues” with telecom links of its two service providers, which it said impacted the system and stopped prices from updating. Trading resumed on the NSE at 1545 Hrs and indices rose sharply post the second opening due to square off/shifting activities across exchanges. BSE continued to have normal trading in all segments through the extended day.  
Nifty has bounced up well after the 5 day fall seen recently. Although this rise is to be seen in the backdrop of the widespread weakness across Asia, the momentum in the indices could take the Nifty up to 15039-15132 band in the near term. However for the time being it seems as a correction of the recent fall and not a new uptrend.
5:29 PM

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

Technical glitch did not impact domestic market sentiment though volatility was high with a positive prejudice, in the first session. During the extra session, the market gathered more strength and hugely outperforming the global peers, triggered by squaring-off F&O positions a day ahead of the prefixed monthly expiry date. The global market was mixed, not very convinced that world central banks like FED will maintain a flexible monetary policy even during rising bond yield & inflation. And the Asian market was negatively impacted by a hike in stamp duty on equities.
5:19 PM

Nifty Outlook by Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities

Nifty50 is currently in consolidative phase; we expect the same to continue for the next few weeks. Broader range is seen at 14500-15200. From the medium term perspective, the undertone remains extremely positive and we expect the index to test 16000 odd levels. Banking, Metals and Realty remain preferred picks and can be accumulated on correction
5:17 PM

Market stats

5:16 PM

Stocks that lifted Sensex today

5:15 PM

Sectoral trends on NSE at Close

5:14 PM

Sensex Heatmap at Close

5:12 PM


The benchmark S&P BSE Sensex zoomed to day's high during the fag-end of the session, soaring 1,130 points in the intra-day trade. The index ended 1,030 points, or 2 per cent, higher at 50,782 levels. 
On the NSE, the Nifty50 closed above the 14,950-mark, up 272 points or 1.9 per cent at 14,982 levels. The index hit an intra-day high of 15,009.
5:01 PM

Gold holds tight range on investor caution over Powell remarks

 Gold steadied in a tight range on Wednesday, propped up by a subdued dollar, as investors digested monetary policy cues from Federal Reserve Chair Jerome Powell.
Spot gold was up 0.1% at $1,807.51 per ounce. US gold futures were steady at $1,805.60. READ MORE

4:58 PM

NEWS ALERT :: Godawari Power and Ispat starts booking export orders of High Grade Iron Ore Pellets

4:55 PM

ALERT :: India VIX drops over 5%

>> The index is quoting near 24 levels
4:46 PM

ALERT :: Nifty reclaims 15,000 in intra-day trade

4:34 PM

Tata Power raises Rs 900 cr through non-convertible debentures

Tata Power has raised Rs 900 crore through issuance of non-convertible debentures (NCDs).
The company issued 9,000 unsecured, redeemable, taxable, listed, rated NCDs worth Rs 900 crore on Tuesday, a BSE filing said.
The series-I debentures worth Rs 400 crore would mature on February 23, 2024, while series-II debentures of Rs 500 crore would mature on February 23, 2026, it said.
4:23 PM

ALERT :: Sharp rally in Sensex

4:18 PM

NEWS ALERT :: Embargo lifted on grant of Govt business to private banks, says FM Nirmala Sitharaman

4:13 PM

SECTOR ALERT :: Nifty Bank gains 2%

4:02 PM

EXPERT TAKE :: Anand James, Chief Market Strategist at Geojit Financial Services on NSE tech glitch

Expiry eve is a crucial day for expiry related trades as time decay sets in. As indices froze a little after 10 am, FNO trades that reference such benchmark indices also slowed down. With hardly an hour’s trade possible for such index-based traders the higher margins on F&O positions may have been a double whammy. Towards this end, BSE being open may not have been much solace, but certainly a backup avenue for cash traders. Fortunately, VIX had calmed down after Monday’s steep fall, and the extended session post 3. 45pm could help settle things. As of Tuesday, Nifty and Bank nifty rollovers were at 40.9 and 36.7 respectively, in line with what is usually seen on similar days of previous expiries
3:57 PM


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3:47 PM

India's economic recovery to cut bank stress, but Covid hit to be felt: S&P

An improvement in India's macroeconomic conditions is likely to alleviate stress for the country's banking sector. However, a hit from Covid-19 pandemic is inevitable, according to "Banking Industry Country Risk Assessment: India", a report by S&P Global Ratings.
Rating agency Standard and Poor’s (S&P) in a statement said the Indian government's strong efforts to shield banks from the Covid-19 pandemic have been largely successful. READ MORE

First Published: Feb 24 2021 | 07:53 AM IST

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