Stock market crash today: Domestic indices pared early gains and fell over 1% in the intraday trade on Monday. The Nifty 50 fell 277 pts from the day’s high of 17,529.90, trading at 17,252.25 and BSE Sensex crashed 1000 pts from its intraday high of 59,510.92 and was trading at 58,474.02. Following the downward trend, Bank Nifty tanked over 900 pts from the day’s high of 40,690.05, trading at 39,761.30. The top losers on Nifty 50 were IndusInd Bank, Tata Motors, State Bank of India, Mahindra N& Mahindra and Infosys while the top gainers were Tech Mahindra, Adani Enterprises, ONGC, Apollo Hospital and Power Grid.
Banking stocks have remained under pressure since Friday, after the US-based Silicon Valley Bank (SVB) shares crashed 60% after it launched a $1.75 billion capital raise to make up for a $1.8 billion loss from a forced sale of its securities portfolio. The negative sentiment spread rapidly in the domestic market with BSE Sensex tanking 671.15 pts or 1.12% to 59,135.13 and NSE Nifty 50 plunging 176.70 pts or 1% to 17,412.90. Bank Nifty tumbled 771.30 pts or 1.87% to 40,485.45.
“Nifty this month’s support range is considered to be between 17200 and 17300. If Nifty cannot maintain 17300, additional selling pressure might push it in the upcoming months to levels of 17000 or 16800,” said Ameya Vikas Ranadive CMT, CFTe, Equity Research Analyst at Choice Broking.