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

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. READ MORE

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. READ MORE

4:23 PM

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.

4:16 PM

Tech View :: 'Daily momentum indicator has given sell signal on Nifty'

On the daily charts, we can observe that the Nifty has breached and closed below the previous swing low of 17,255 which is a sign of weakness. The daily momentum indicator has triggered a negative crossover which is a sell signal.

Prices are trading along the expanding lower Bollinger band that the fall is likely to continue. On the way downside, we expect the Nifty to touch the lower end of the falling channel (16,950). On the upside, 20 day moving average placed at 17,630 shall act as an immediate hurdle for the Nifty.

Views by: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

 

 

4:11 PM

Tech View :: 'Our market is in the cycle of lower tops – lower bottoms formation'

>> The Nifty50 index, today, slipped to a fresh low in the current calendar year.

 

>> Technically, our market is in the cycle of lower tops – lower bottoms formation. The psychological mark of 17,000 is in the vicinity now, followed by 16,900. While on the flip side, the 200-SMA placed around the 17,400-17,450 odd zone is expected to act as a sturdy hurdle in a comparable period.

 

>> Going ahead, we advocate to avoid aggressive bets and keep accumulating quality propositions in a staggered manner.

Views by: Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One

4:06 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

4:01 PM

Comment :: Indices at 5-month low; what's driving the markets?

Bloodbath was seen in the global market as the fallout of Silicon Valley Bank was followed by turmoil at Signature Bank, keeping investors worried about the strength of the US banking system. Importantly, the Fed's decision in the upcoming meeting will have a crucial impact on the market sell-off, as the consensus is reversing to no rate hike trajectory. Also, the US inflation due on Tuesday will have a vital impact in the short-term as the market anticipates a cool down from January levels.

Views by: Vinod Nair, Head of Research at Geojit Financial Services

3:55 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.

3:52 PM

European markets in red amid selling in bank stocks

3:51 PM

US Futures indicate mixed start for Wall Street later today

3:50 PM

Bond market :: Yields on 10-year G-Sec ease on Monday

3:49 PM

Rupee Closing :: Rupee ends at 82.12/$ against Friday’s close of 82.04/$

3:47 PM

RIL hits 52-week low intra-day

3:45 PM

IndusInd Bank plunges over 7% on shorter-than-expected extension of MD's tenure

>> RBI extended Sumant Kathpalia's tenure by 2 years against Bank's recommendation of 3 years

3:43 PM

Mahindra CIE declines nearly 8% post block deal

>> M&M likely sold partial stake

3:42 PM

YES Bank ends 5% lower as lock-in period expires today

YES Bank on Sunday, March 12, 2023 informed the stock exchange that the shares would get released through the automated system of depositories by Start of Day (SOD) on March 13, 2023 without any further action required from the Bank.

3:40 PM

Tech M ends over 6.5% higher as Mohit Joshi gets appointed as MD & CEO

>> Mohit will take over as CEO & MD from CP Gurnani after his retirement on December 19, 2023. The joining date of Mohit is not mentioned in the press release.

>> He is finishing his tenure at Infosys on June 9, 2023. Infy shared fall 2%