On a day when traders would have otherwise celebrated markets reaching to new all-time highs, they were left bitterly disappointed with India’s largest stock exchange, National Stock Exchange, turning them away from trade on Monday morning, after a major technical glitch brought trading to a halt for three hours, even as it took three attempts to resume normal markets. Even when NSE resumed normal trading in cash and derivatives at 12.30 pm, it was still trying to address a display issue which was preventing from updated prices being shown in cash markets, after dealers complained that there were still issues in executing trade orders in cash segment.
As many would expect, Twitteratti jumped onto the development, trying to figure out what actually went wrong, in their own special way! Here’s are some of the funniest tweets on the issue.
Well known investor Samir Arora, founder and fund manager of Helios Capital Management, was one of the early birds to take a swipe, when the cash segment was affected but the F&O segment was still operational. He wrote: Allowing futures trading without cash trading. Height of promoting speculation.
Allowing futures trading without cash trading.
Height of promoting speculation.
— Samir Arora (@Iamsamirarora) July 10, 2017
Another Twitter enthusiast took a dig at NSE by responding to Samir Arora himself, who had last week criticised NSE’s smaller rival MSEI for its decision to extend trading hours. Samir Arora had then called the move desperate, and expressed the hope that NSE and BSE don’t do the same. Here’s what this person wrote in response: NSE decreased trading hours instead
NSE decreased trading hours instead ???? https://t.co/3Hy3W1u2M0
— 7GreenCandles (@7GreenCandles) July 10, 2017
Others were not too far behind. Darshan Mehta brought out the irony very well: IRONY: Biggest beneficiary of NSE problem is BSE. You cant trade BSE as BSE IS LISTED ON NSE
IRONY: Biggest beneficiary of NSE problem is BSE. You cant trade BSE as BSE IS LISTED ON NSE
— Darshan Mehta (@darshanvmehta1) July 10, 2017
Irony didn’t seem to stop with BSE’s shares on NSE. It extended to the listing of the day, that of AU Small Finance, which got a bumper opening, but got overshadowed by the glitch. Ankit Chaudhary wrote: What an Irony ! While AU Small Finance Bank listing ceremony took place at NSE, they were waiting for opening rates of BSE to celebrate
What an Irony !
While AU Small Finance Bank listing ceremony took place at NSE, they were waiting for opening rates of BSE to celebrate
— Ankit Chaudhary (@entrepreneur987) July 10, 2017
Creativity was at its best, with Murtuza suggesting his own technique for a smooth opening of NSE with this video:
— Murtuza (@liveintra) July 10, 2017
This person got reminded of his school days. Here’s how he related it to the NSE glitch: NSE Shutdown Reminds Me Of School When The Teacher Is Absent But You Still Have To See The Blackboard
NSE Shutdown Reminds Me Of School When The Teacher Is Absent But You Still Have To See The Blackboard
— the_????Ⓜ????R (@amar_singh01) July 10, 2017
NSE, the newer of the two main stock exchanges in India the other being Bombay Stock Exchange (BSE), commands over 80% of the equity cash and equity derivatives market, far ahead of the 14% controlled by BSE, which is Asia’s oldest stock exchange. This morning, brokers found that price quotes were not updating on NSE since open.