New Delhi: The National Stock Exchange (NSE) faced a technical glitch on Wednesday morning causing the trading operations to be temporarily halted.
"NSE has multiple telecom links with two service providers to ensure redundancy. 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," NSE informed on Twitter.
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"We are working on restoring the systems as soon as possible. In view of the above, all the segments have been closed at 11:40 and will be restored as soon as issue is resolved," NSE added.
Soon after, Twitter was flooded with hilarious posts and memes under hashtags like #NSEIndia, #StockMarket and #Nifty. Here are some of the funny reactions shared on the microblogging site.
Former cricketer Virender Sehwag also joined the meme party as he shared a 'Phir Hera Pheri' reaction.
After trading was halted at the NSE, BSE, which claims to be the World's Fastest Exchange, with a speed of 6 microseconds in a tweet, said, "BSE continues to have normal trading in all segments today."
Jimeet Modi, CEO, and Founder, Samco Ventures, said, "NSE halted trading and No news on re-opening. To avoid systemic issues, NSE must consider two options: In case they are unable to reopen before 3:30, they should extend the time for the orderly closure of open positions; If no extension, then all trades must be annulled. The markets must be given at least one hour of trading to deal with all open positions or trades."
There is one precedent of the complete annulment of trades on Muhurat trading day on the BSE F&O segment in 2011.
"The ideal situation is NSE is able to fix issues and reopen in time. Else it's time to consider alternatives such as extension or annulment. The biggest question in this issue is why the entire market was shut just because index feeds were not refreshing? Feeds for underlying contracts were fine, and so was order matching, so why shut down the entire market?" asked Jimeet Modi.