Investors poorer by Rs 7.7 lakh crore as Sensex sheds 2,110 pts in three days thanks to SVB-triggered global market rout
Indian equity benchmarks Sensex and Nifty50 took heavy blows on Monday, with the 50-scrip headline index giving up key support, amid a broad-based sell-off mirrowing weakness across global financial stocks as the collapse of US-based startup-focused lender Silicon Valley Bank (SVB) continued to batter investor sentiment.
Indian equity benchmarks Sensex and Nifty50 took heavy blows on Monday, with the 50-scrip headline index giving up key support, amid a broad-based sell-off mirrowing weakness across global financial stocks as the collapse of US-based startup-focused lender Silicon Valley Bank (SVB) continued to batter investor sentiment. Losses across sectors pulled the gauges lower, with financial and IT shares being the biggest drags.
Headline indices finished the wild day on Dalal Street with losses of 1.5 per cent each. The Sensex lost 897.3 points to end at 58,237.9, taking its losses to more than 2,100 points in three back-to-back trading sessions. The Nifty50 settled at 17,154.3, down 258.6 points from its previous close.
The third straight day of losses in the Indian share market left investors poorer by Rs 7.7 lakh crore as the total market capitalisation of BSE-listed companies shrank to Rs 258.6 lakh crore, according to provisional exchange data.
The Nifty Bank, whose 12 constituents include HDFC Bank, SBI, ICICI Bank, Axis Bank and Bank of Baroda, shed 920.8 points or 2.3 per cent to end at 39,564.7 — its lowest close in five months.
Apollo Hospitals, Britannia and ONGC — rising between 0.1 per cent and 0.7 per cent — were the other gainers in the blue-chip pack. In the Sensex space, Tech Mahindra was the only stock having finished the day in the green.
Among heavyweights, Reliance, Infosys, ICICI Bank, HDFC Bank and SBI posed the maximum pressure on headline indices.
Yes Bank shares closed 5.3 per cent weaker at Rs 15.7 apiece, as a lock-in period for its rescuers put in place by the RBI ended. SBI may trim stake in Yes Bank | Watch
Broader indices Nifty Midcap 100 and Nifty Smallcap 100 dropped around two per cent each. Overall market breadth was extremely negative, with an advance-decline ratio of 1:5 — meaning five scrip declined for each that rose — as 695 stocks rose and 2,915 fell at the close on BSE.
highlights of the March 13 session on Dalal Street here. For all other news related to business, politics, tech, sports and auto, vist Zeebiz.com.
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