September 23, 2019 / 11:37 AM / 22 days ago

Traders complain of glitch at India's NSE towards session end

MUMBAI, Sept 23 (Reuters) - Trading in India’s National Stock Exchange halted for about 20 minutes before the session ended on Monday, according to several traders, even as markets closed up nearly 3% on hopes that corporate tax cuts would revive the economy.

The reason for the trading glitch was not immediately clear and an NSE spokesman did not respond to requests for comment.

The Nifty index soared on Friday after Finance Minister Nirmala Sitharaman cut the effective corporate tax rate to around 25% from 30% and scrapped the minimum alternative tax for domestic companies.

The momentum continued on Monday but many feared losing out on some opportunity to capitalise on the gains due to the trading disruption.

“It is difficult to cope with such glitches right at the end of a trading session,” a trader at a domestic brokerage house said.

Traders said rival exchange BSE Ltd remained operational during NSE’s glitch. (Reporting by Abhirup Roy and Savio Shetty; Editing by Sriraj Kalluvila)

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