NSE's loss is BSE's gain, here's how
It was not a usual trading day at National Stock Exchange (NSE). The exchange was hit by a technical glitch putting a three hours halt to trading.
NSE, in a press release said "NSE cash market segment did not function normally due to technical problem at the opening today and accordingly was closed. F&O and CDS market segments opened normally. Subsequently after giving notice to the market, the F&O segment was also closed. Two attempts to reopen the market were not fully successful and finally at the third attempt the market was opened at 12.30 pm in the cash and F&O segments, after the pre-open period."
While NSE was losing precious trading hours , its rival BSE was gaining trades.
BSE, which is listed on NSE jumped nearly 2%. It closed at Rs 1,087.10 per piece, up 1.89% or Rs 20.20 on NSE.
Sensex closed at 31,715.64, up 355.01 points or 1.13%. While Nifty ended at 9,763.05, up 97.25 points or 1.01%.
This wasn't the only gain made by BSE on NSE's expense.
Bloomberg quoted Ashish Chauhan, CEO of BSE as saying that the trading volume on BSE jumped nearly 250% after the glitch hit NSE. Till Monday, the total volume was 35.05 crore as against 26.89 crore in the last one month on an average.
Tongue in cheek humour ensued as BSE said, "We are not experiencing any technical difficulties today and trading is taking place without any problem."
Ministry of Finance also pitched in and sought a report from market regulator Sebi on the NSE technical glitch.