Sensex Today: Benchmark indices ended lower in the third consecutive session on March 13 with Nifty below 17,200. At close, the Sensex was down 897.28 points or 1.52% at 58,237.85, and the Nifty was down 258.60 points or 1.49% at 17,154.30.
Vinod Nair, Head of Research at Geojit Financial Services, said: “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.”
IndusInd Bank, SBI, Tata Motors, M&M, and Eicher Motors were among the major losers on the Nifty, while gainers were Tech Mahindra and Apollo Hospitals.
All the sectoral indices ended in the red.
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.
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.
Following a global rout in shares of banks, Nifty Bank lost 2.3% today. IndusInd Bank was the biggest loser in the pack and ended over 7% lower. PSU bank stocks lost up to 5%.
“The risk of contagion within the banking system looks limited, this is more of a company specific issue and could impact some of the start ups, VC and some limited banks and also in near term could create panic in investors and banking clients,” Sharekhan said.
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.
Rupee Close
Indian rupee ended lower at 82.12 per dollar against the previous close of 82.04.
Global Cues
Asian shares mostly fell Monday, shaken by a Wall Street tumble that set off worries the biggest U.S. bank failure in nearly 15 years might have ripple effects around the world. Japan’s benchmark Nikkei 225 slipped 1.2% to 27,817.43 in morning trading. Australia’s S&P/ASX 200 slipped 0.6% to 7,104.30. South Korea’s Kospi was little changed at 2,394.10.
Tokyo stocks opened lower on Monday after a rout on Wall Street as banking shares wobbled on contagion fears after the failure of regional lender Silicon Valley Bank (SVB).The benchmark Nikkei 225 index was down 1.76 percent, or 495.49 points, at 27,648.48 about 80 minutes after the opening bell, while the broader Topix index lost 2.14 percent, or 43.43 points, to 1,988.15.
US stocks closed sharply lower and Treasury yields extended their slide on Friday over fears of contagion in the financial sector and strong February employment data showing the economy added more jobs than expected.
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