India's Stock Exchange 'Closes' After State Bank 'Flash-Crash'

Tyler Durden's picture

While we have grown accustomed to the daily gyrations on mega-volume in the US equity markets, it seems the HFT-virus has spread as far afield as India this evening. India's National Stock Exchange was halted - with no price dissemination - as State Bank of India plunged over 14% in seconds on massive relative volume (and HDFC and Infosys also fell), dragging the Nifty Index down 3%. Of course, the 'error' is being investigated and SBIN has recovered its losses...





State Bank Of India - oops!


State Bank of India (smaller crash) close-up...


Source: Bloomberg

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
neevarp's picture

Yes. Welcome to India. As usual, the corrupt authorities will brush aside the issue.

ACP's picture

How I wish I were an alien observing the human race fuck itself into oblivion. I would be cracking open an Alpha Centauri Pale Ale right now.

Unfortunately, I live here.

putaipan's picture

ok ok. ease up fight dudes while i vulnerably aks two simple questions....


#1-i am historically used to 12:1 usd/ruppee relations. india has to pay in petrodollars. not so much anymore.

#2 (and i actually looked into a little bit)...... i thought gandhi chased the bankers`out with the british......

so? why isn't the rupee a good hold though 2014? ....56:1? i think they were just being smart.



ebworthen's picture

No, no, Goldman Slacks and the other squid and great white sharks have moved right back in.

FED busy crushing the dollar, which hurts exports of every other currency, and bank.

Any stock exchange using omputers and the Internet open to HFT and robots.

Algos never sleep, and robots dream of electric trading in their sleep.

Comay Mierda's picture

Economic WW3 has begun.  HFTs are on the frontline destroying capital markets of all nations.  All hail Goldman Nutsacks

Oh regional Indian's picture

Gold Mannut Sackz.

India meets HFT (not 9 months agao I do believe) and here we are....

Let the un-certainities begin.


ShortTheUS's picture

When the Bombay Stock Exchange calls tech support over this issue, do they reach someone in the U.S.?

BlackholeDivestment's picture Indian man in London, 2011, turned to his British neighbor, who was standing next to his 911 and said, ''I'm just like you, look at my new 911''. That's nice says the British neighbor. The British man builds a new garage for his 911 a few months later, so the man from India calls up some contractors and a month later turns to his British neighbor and says, ''see, I'm just like you, I have a new garage too''. The British man comes home, in 2012, with a new Bugatti Veyron and the man from India smiles and says, ''I'm better than you''. The Brit says, ''what do you mean you are better than me Bloke, look at my car''. The Indian man says, ''I have ''British'' neighbor''. 

ba dum tiss...

putaipan's picture

i like the soundtrack to the penn movie with metheney better..... that ain't no fuckin' answer!


MisterMousePotato's picture

Good story.

Oh, and, David Bowie and Rick Ashley (sp?) ... separated at birth?

saturn's picture

On Earth, when you spray an error with a pepper spray, losses turn into gains! Come to visit this wonderland with hyper speed 9! But stay cloaked or be dissected in our secret labs.

max2205's picture

So bullish. Clear the stops and move up. Seen it a million times.
It's called a hollow red candle

barliman's picture


As opposed to the even more corrupt American authorities?

OT - Fucking Waddell & Reed, will they NEVER learn how to properly execute a trade?


FoeHammer's picture

Nothing to see here, folks. Move along.

tickhound's picture

I agree... This is a daily occurrence in the silver market.  Speaking of which anyone see today's silver icicle?

FoeHammer's picture

It's a funny formation isn't it?

I've seen the inverse occur for gold in the past week. A nice little plateu. Keep it local, keep it rural.

Falkor's picture

Freak TRADE! lol


I'm numb to flash crashes now. Next. 

Yen Cross's picture

 Now that was a good post Tyler. That slush from the " MBS injections is finding it's way" straight to Ghandis' mouth!

  This shit is pathetic. I hope this link works foe ya.  
Mumbai (GMT+5:30)

»  Market Holidays
Trading hours 9:15am ~ 3:30pm

»  More Live Market Indexes

disabledvet's picture

I agree...another home run. This has gone from zero to hero in an afternoon. Wish I could check to see what's under the hood suddenly. (and you all know when I say it I MEAN it!) this is a BIG deal because flash crashes go right at heart of basic market architecture...and it is possible for one of these things to take out an albeit "lesser" exchange. India's fits the bill...and so do many others as a consequence. Again "stay tuned folks"....something BIG is brewing.

Desert Irish's picture

Ok Tyler now is about time to remind posters of rule 80B coming to us soon....

chump666's picture

dump ass Indian central bank has juiced the ruppee, printed and acted like the rest of central bank lunatics ala join the party. topped out nervous HFT trades will be the norm.

a very clear warning what will happen to our indexes...any-day now.




disabledvet's picture

Already has happened to us. But we have ETF's, a very diverse economic base and the most liquid markets (still...amazingly enough and no thanks to the friggin Fed I might add) in the world. Needless to say these things have had a MAJOR impact even with all this. India? "just flood the economy with rupee's" is an AWFUL response.

Yen Cross's picture

do not trade (sek or nok)  Mr.666

iamse7en's picture

ZH... what happened to full subscription RSS feeds?! They're partial again... please fix this.

Yen Cross's picture

 Lets see, Indians tend to " feed boney cows", and procede to starve to death. 

  Gotta love the Hindi rel/ligion?   Monks and Fire?

misnomer00's picture

got to be better than bombing middle easterners..

q99x2's picture

Nothing to worry about here. Someone probably just cashed out to open a 711.

Deathrips's picture

In case you all missed it, Indias culture is one of physical gold and silver. Remember their government was talking about limits on gold purchases like 3-4 months ago...No wonder theres nothing left in the market there. Guess when they tell us not to buy it, we got like 3-4 months.

Its literally so fucked up right now everywhere in the world that we may as well ask the magic 8 ball about the markets. Other things are much clearer..and its not good.



williambanzai7's picture

Waddell and Chutney

Yen Cross's picture

ya had to go there! I love ya #7

neevarp's picture

Emkay's Rs 650 crore sell order caused Nifty plunge: NSE and

Skateboarder's picture

Inflation permeates India pretty fkn bad. And everyone wants an iDevice. You wouldn't believe the volume of loans the banks/gub gave out over the last few years.

Yen Cross's picture

 all i know, is i'm getting a haircut @ noon tomorow !

Yen Cross's picture

4 hour chart is melting down. I was really hoping?

   If you look at the  10/20 weighted, crossover on the charts? UGLY/

Seize Mars's picture

Remember the BATS IPO? (wiping a tear of laughter from my eye.) That was fuckin' awesome. AWESOME.

This whole thing is a shit show.

SDRII's picture

Is it a coincidence that the market flashed on the day that the Congress Party passed their insurance and pension reforms? They don't seem to have a chance in parliament where Congress has a minority of seats. Working off the leverage form the "Hindi" consensus the INR has made a stunning comeback.

Need to address the gold buying illiterates with real savings vehicles


Ambassador [Images] Frank G Wisner, the erstwhile US envoy to India, who for years -- as vice-chairman, external affairs for American International Group -- was the face of this global insurance conglomerate--which is now being bailed out by the US government to the tune of $150 billion -- in India and was largely responsible for pushing for New Delhi's [Images] opening up of the insurance sector to foreign investors, has quit AIG and joined the top-notch lobbying firm of Patton Boggs, which was recently retained by India to lobby its interests on Capitol Hill and in the new Obama [Images] Administration.


"The Empire’s Bagman:" Obama Egypt Envoy Frank Wisner Says Mubarak Should Stay

orangegeek's picture

Flash crash.  Who gives a shit.