Users of popular trading apps Groww and Zerodha faced glitches after the stock market surged on Monday following the release of exit polls for the Lok Sabha Elections. The exit polls, announced on June 1, indicated that the BJP-led NDA is likely to secure a second term, prompting a rush to trading platforms like Zerodha, Groww, and Upstox after the CDSL website experienced downtime due to high trading volumes.
CDSL (Central Depository Services Limited) and NSDL (National Securities Depository Limited) are the primary securities depositories in India, providing essential trading and investment services under the regulation of the Securities and Exchange Board of India (SEBI).
Groww has since resolved the issue, allowing users to place sell orders from their holdings. "The issue is now resolved. You can now place sell orders from your holdings," Groww announced on X. The benchmark stock market indices, Sensex and Nifty50, opened at record high levels on Monday after exit polls predicted a historic third term for Prime Minister Narendra Modi.
The S&P BSE Sensex soared over 2,000 points to a record high of 76,738.89, while the NSE Nifty50 climbed to 23,338.70. At 10:10 am, the Sensex was up 2,081.29 points at 76,042.60, and the Nifty was up 646.90 points at 23,177.60. All Sensex stocks were in the green, with major gainers including Power Grid, Adani Ports, Shriram Finance, L&T, NTPC, SBI, Axis Bank, M&M, ICICI Bank, and Ultratech Cement, rising between 3% to 7%.
Also Read: Share Market Today: Sensex-Nifty Mark Record Highs After Lok Sabha Exit Polls Forecast Modi 3.0
The Bank Nifty index surpassed the 50,000-mark for the first time. Additionally, the Nifty Smallcap 100 and Nifty Midcap 100 indices surged nearly 3% each, with Nifty Energy, Nifty PSU Bank, and Nifty Realty leading gains, each rising between 4% and 5%. This significant market jump followed a five-day losing streak, with the benchmark Sensex closing higher by 75 points on May 31.