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Trading at the NSE was halted yesterday for most of the normal trading hours post 11:40 A.M. due to a technical outage.
The issue caught everybody’s attention post 10 A.M as tickers for all indices including the Nifty stopped getting updated. At 11:40 A.M trading stopped for both the cash and F&O segment on the National Stock Exchange of India Limited (NSE), while the BSE continued to function normally.
Trading was suspended on the NSE for the rest of the normal trading hours which is bound to have caused serious concerns for both investors and traders. What compounded the situation further was that it happened on the penultimate day of the February F&O expiry. The last two days of expiry witnessed a significant increase in F&O volumes due to rollover and squaring off activities, and any disruption in trading amid this period is bound to cause unrest among all market participants.
The NSE remained shut even as the last 30 minutes of trading commenced at 3:00 P.M. which led to few of other large brokerages taking a call to square off their client’s intraday cash position on the BSE.
As we moved towards the end of regular trading hours yesterday, we knew that there was a high possibility that the NSE will provide a window for squaring off intraday cash and F&O positions, especially in the backdrop of the February F&O series expiry. Therefore, we at Angel Broking waited to hear from the exchanges and SEBI rather than square off all intraday cash positions on the BSE.
Basis, our decades of experience and understanding of the share markets, we anticipated the exchange’s move to extend the trading hours beyond the normal timings. We were proven right as the NSE announced a few minutes post 3:15 P.M that they will be providing a trading window between 3:45 P.M. to 5:00 P.M. While there was a lot of pressure on the markets post resumption of trade, markets reversed the trend quickly and started rallying. Post the initial sell-off we witnessed a continued surge in the markets driven by the Bank Nifty as the FM lifted an embargo on Government business for private sector banks. The Nifty finally closed the day at 14,982 up by 1.86% for the day while the Bank Nifty was up by 3.8% for the day.
Due to our good understanding and years of experience the decision of not squaring off intraday cash positions on the BSE our customers were able to square off their positions at much better rates on the NSE in the last 15 minutes. We at Angel Broking have always believed in keeping our clients' interest first and yesterday proved to be no different. We would like to thank our customers for keeping their faith in us and for continuing to make our business a success.
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