Fear grips D-Street: Markets hit five-month lows over SVB crisis

Sensex, Nifty plunge 1.5% amid contagion fears

India’s benchmark indices fell to their lowest levels in five months on Monday as the collapse of Silicon Valley Bank (SVB) and two other US banks continued to weigh on investor sentiment, even as regulators tried to contain the damage. Equity markets across the world declined over contagion fears, while safe-haven assets such as bonds and gold advanced.

The Sensex slumped 897 points, or 1.5 per cent, to end the session at 58,238, its lowest close since October 14. The index is now down 8 per cent from its record high of 63,284, logged on December 1. The Nifty50 index also