Indian benchmark equity indices concluded Monday’s volatile session deeply in the red. The BSE Sensex closed below 58,300, NSE Nifty 50 settled below 17,200, the banking stocks index, Bank Nifty, concluded below 39,600. The top gainers on the NSE Nifty 50 index on Monday were TechM, Apollo Hospitals, ONGC, Britannia Industries with TechM up by 6.86%. The top laggards on the Nifty 50 index were IndusInd Bank, Tata Motors, M&M, SBI and Eicher Motors, with IndusInd Bank down by more than 7%.
Indian stock market
Domestic indices extended losses for the third session in a row. Nifty sank 258 points to close at 17,154, under the 17,200 mark. Sensex followed suit, crashing almost 900 points to end at 58,237. Bank Nifty declined 2.27%, at 39,564, down by over 920 points. The broader markets closed largely in red, with Nifty Midcap losing 2% and Nifty Smallcap 50 sliding 2.26%. Volatility gauge, India VIX, soared 20.89%. Sectorally, Nifty Media, Nifty Auto, Nifty PSU Bank and Nifty Private Bank were the top losers, falling up to 2.87%.
Asian markets concluded Monday’s session mixed. Hong Kong’s Hang Seng gained 1.95%, South Korea’s KOSPI added 0.67% and China’s Shanghai Composite index inched up 1.20% while Japan’s Nikkei 225 fell 1.11%.
Wall Street sank over 1% in trade on Friday as investors sought to protect their gains and capital as the collapse of the SVB Financial Group caused investors to fear for the health of US banks, overshadowing the non-farm payroll data for February. The closure of the bank added increased pressure to the three main indices; the Dow Jones Industrial Average fell 1.07%, the S&P 500 lost 1.45% and the Nasdaq Composite dropped 1.76%.
The Indian rupee depreciated 0.22% to 82.20 against the US dollar at 3:05 PM (IST
Gold futures for April delivery were up 800 points or 1.42% at Rs 56,950 at 3:00 PM (IST) while Silver futures on the multi-commodity exchange for May delivery were trading at Rs 63,823, up by 933 points.
WTI Crude futures for April delivery were down 1.49% at $75.6 while Brent Crude futures for April delivery were trading 1.16% lower at $78.69 at 3:05 PM (IST).