Indian investors were also among the lot hit by global Microsoft outage. Dalal Street trader reported technical glitches on many domestic brokerage platforms including Angel One, Nuvama, 5Paise, Motilal Oswal and IIFL Securities.
Brokerage firms 5paisa has told clients that its systems are affected as a result of the Microsoft issue, while users from Angel One, Nuvama, Motilal Oswal also reported tech outages on various social media platforms. Brokerage firms, however, have not said anything on the it.
"Due to a global outage with Crowdstrike/Microsoft, offering a cyber security solution, our systems are affected. Our team is working closely with both of them to restore our systems as soon as possible," said brokerage firm 5paisa on X (formerly known as Twitter).
"We have witnessed a limited impact, as our networks are built to minimise the effects of such outages on our ecosystem. We have deployed a software patch in our back office and settlement functions and reported the same to the exchanges”, said a Nuvama Spokesperson.
Another tech-based discount broker Groww said it does not work with CrowdStrike. Therefore its services haven’t been affected, it mentioned. The outage in the software comes when there is a panic at Dalal Street and traders are facing severe selling pressure on the headline indices.
An Anti-virus, Crowdstrike faced a technical glitch after an update which affected the Microsoft servers and PCs where this anti-virus was installed. This anti-virus is also installed on Microsoft servers provided by Azure as a part of their cloud infrastructure. Microsoft Azure accounts for a 25 per cent market share amongst cloud services, said Parth Nyati, Founder at Tradingo.
"Hence a lot of large organizations, airlines, stock exchanges globally that use Microsoft Servers on Azure had technical glitches. Many trading apps in India were also affected. At Tradingo, we were not impacted as we are hosted on NTT's data centers and we totally avoid server updates on weekdays," he added.
BSE Sensex was down 591.22 points or 0.74 per cent at 80,752.24 as of 1.45 pm on Friday, Similarly, Nifty50 index crashed 235.10 points, or 0.95 per cent, to 24,565.75 at time same time. Broader markets, BSE midcap and smallcap indices were down up 2 per cent each.
Upset traders were ranting on social media platforms seeking compensation from the brokerages for their financial losses on the back of technical glitch on the applications and portals of these brokerage firms.
India's leading stock exchanges- BSE and NSE- said their services were running normally, unaffected of the outage. “NSE and NCL are working normal today,” said NSE Spokesperson on X. However, London Stock Exchange's workspace news and data platform were under the impact of the outage.
Microsoft users worldwide, including banks and airlines, reported widespread outages. Microsoft is investigating the issue which has impacted users ability to access various Microsoft365 apps and services. Indian airlines including SpiceJet, IndiGo and Akasa Air were forced to ground their planes on the back of this outage.