Dalal Street traders were among those hit by Microsoft‘s major service outage on Friday as technical glitches were reported at many brokerages.
Brokerage firms 5paisa and IIFL Securities have told clients that their systems are affected as a result of the Microsoft issue.
Parth Nyati, Founder, Tradingo, said: “An Anti-virus Crowdstrike faced a technical glitch after an update that 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. Azure accounts for 25% market share amongst cloud services. Hence a lot of large organizations, airlines, stock exchanges globally who use Azure had technical glitches. The Crowdstrike team is currently working to resolve the issue.”
Nuvama Spokesperson said: “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.”
IIFL Securities reportedly told its clients that outage on cybersecurity platform Crowdstrike is causing issues.
“There is global issue with Crowdstrike Antivirus protection software which we have installed on our servers and endpoints which has caused systems and servers reboot issue and blue dump. This is global issue as confirmed by Crowdstrike and all major companies which are using this software are facing this issue. 360 one also having this issue. We are working towards mitigation on war footing and I will update shortly on next status,” IIFL Securities reportedly told its clients.
“You might face rate refresh issues and order placement issue in our Mobile App and Web. Our technical team is working to resolve the same. Inconvenience caused is highly regretted,” said 5Paisa Capital to its users on X platform.
Upset traders ranted on social media platforms seeking compensation from brokers for their losses saying they were not able to sell positions because the app showed no pending orders.
Hey NSE and BSE @NSEIndia@BSEIndia Who is responsible for the losses i and others made because of your glitch or just you know how to increase taxes ?even the broker firms are not picking call and no reply ? @AngelOne @zerodhaonline #Traders #stockmarketsindia #sharemarket pic.twitter.com/TeIeFsgLu8— Adityα pαndey™ (@btwadityapandey) July 19, 2024
Microsoft users worldwide, including banks and airlines, reported widespread outages after which the tech company said the issue is being mitigated.
In India, the outage forced several airlines, including IndiGo, Akasa Airlines and SpiceJet, to ground planes and disrupt flight operations.
Meanwhile, Indian shares reversed gains after rising to record highs at the open on Friday as broad-based profit booking outweighed results-driven gains in heavyweight Infosys.
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