Take a fresh look at your lifestyle.

Sensex tumbles over 900 points, Nifty settles 17,000 amid biggest US bank failure


Sensex tumbles over 1000 points due to sell off in stocks
Image Source : FILE Sensex tumbles over 1000 points due to sell off in stocks

Sensex tumbled over 900 points on Monday to settle at 58,237.85 due to a massive sell-off in banking, finance and auto stocks as markets across the world continue to face the consequences of the Silicon Valley Bank collapse. Nifty too declined 258.60 points to settle at 17,154.30 points.

After gaining 375 points in the early trade, the BSE Sensex could not hold to gains and declined 897.28 points or 1.52 per cent to settle at 58,237.85 as 29 of its constituents declined while only one advanced. During the day, it hit a low of 58,094.55 and a high of 59,510.92. The NSE Nifty fell 258.60 points or 1.49 per cent to end at 17,154.30, with 45 of its scrips ending in the red. IndusInd Bank was the biggest loser in the Sensex pack, shedding 7.46 per cent, followed by SBI, Tata Motors, M&M, Bajaj Finserv, Axis Bank and Infosys. In contrast, Tech Mahindra was the only winner.

In the broader market, the BSE smallcap gauge dipped 2.08 per cent and the midcap index declined 1.82 per cent. The US-based SVB Financials, which mainly funds startups, crashed 60 per cent in the US market last week, triggering concerns over the health of banks’ bond portfolios and its possible rippling effects globally. “…jitters over the largest US bank failure since the 2008 financial crisis, driving investors to the safe-haven asset,” Navneet Damani, Senior VP – of Commodity Research at Motilal Oswal Financial Services, said.

In Asian markets, Shanghai, Hong Kong and Seoul ended in the green, while Tokyo settled lower. European equity markets were trading with significant losses in the afternoon trade. Meanwhile, the rupee declined 10 paise to close at 82.16 against the US dollar on Monday. International oil benchmark Brent crude declined 1.79 per cent to USD 81.30 per barrel. Foreign portfolio investors (FPIs) offloaded shares worth Rs 2,061.47 crore on Friday, according to exchange data.

ALSO READ | After Silicon Valley Bank, Signature Bank shuts down amid banking turmoil in US

ALSO READ | Silicon Valley Bank’s fall causes shockwaves across world; will it impact Indian startup ecosystem?

Latest Business News

For all the latest Business News Click Here

Denial of responsibility! FAECO is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – at loginhelponline@gmail.com The content will be deleted within 24 hours.

Read original article here

Leave A Reply

Your email address will not be published.