SVB impact: Sensex slumps 897 pts, Nifty ends near 17,150; PSBs worst hit
CLOSING BELL: The Sensex and Nifty hit fresh calendar year lows in trades on Monday amid the broad-based sell-off. Reliance Industries registered 52-week low
Test Heading
Stock Market Highlights: The key benchmark indices wiped-out early morning gains and plunged to hit fresh 2023 year lows amid broad-based sell-off on Monday. The Silicon Valley Bank (SVB) crisis saw banking shares take a knock, while other sectors, too, succumbed to the selling pressure.
Earlier in the day, the BSE Sensex rallied to a high of 59,511 after the Federal Reserve policymakers promised that depositors at SVB financial will have access to their money.
Also read: Fed may not pause rate hike cycle despite SVB crisis: Nomura
However, selling set-in in late morning deals and intensified thereafter knocking-off the Sensex to its calendar year low at 58,095 – down 1,415 points from the day’s high. The Sensex finally ended with a loss of 897 points at 58,238.
The NSE Nifty 50 hit a low at 17,113, and shed 259 points to settle at 17,154.
IndusInd Bank was the top loser down over 7 per cent after RBI approved the re-appointment ofSumant Kathpalia as the Managing Director (MD & CEO) for a period of two years as against the board's approval for 3 years
SBI down over 3 per cent was the other major loser. Tata Motors, Mahindra & Mahindra, Bajaj Finserv, Axis Bank and Infosys were the other major losers, down 2 – 3 per cent each. Reliance Industries was down 1.7 per cent, the stock hit a fresh 52-week low today.
On the other hand, Tech Mahindra was the sole gainer. The stock attracted buyers after the IT firm appointed Mohit Joshi from Infosys as the Managing Director & Chief Executive Officer (CEO) of the company
6:33 PM
IPO Update :: Global Surfaces' issue subscribed 31% so far on day 1
>> Retail investors' quota filled 48% so far
>> Bidding ends at 5 PM.
>> Bidding ends at 5 PM.
)
More H
6:29 PM
Comment :: 'The support from financials is weakening'
Today's market move shows that participants are not comfortable, citing the US banking crisis and reducing positions, ignoring the news of the bailout. Banking and financials were acting as saviors earlier but the tone has changed completely now, which is further adding to their worries. We reiterate our negative view and eyeing the 17,000 level as immediate support in Nifty. Traders should align their positions accordingly.
Views by: Ajit Mishra, VP - Technical Research, Religare Broking
Views by: Ajit Mishra, VP - Technical Research, Religare Broking
6:28 PM
Views by: Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.
Tech View :: 'Bank Nifty remains in 'sell on rise' mode'
The bears attacked the index with full force and the market index continued to slide down throughout the day. The Nifty bank index remains in a sell-on-rise mode with strong resistance at 41,000 where aggressive call writing has been observed. The index immediate support stands at 39,500 and can witness a pullback rally if it manages to hold it.
Views by: Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.
Topics : MARKET LIVE MARKET WRAP
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Mar 13 2023 | 6:31 PM IST
