Indian equity markets in deep red

13 Mar 2023 , 02:05 AM

Indian Stock Markets extended as much as 1% losses during Monday’s afternoon session, following a stable start this week. The downfall of SVB has left investors anxious about the well-being of American banks, and this unease is likely to persist and impact Indian banking shares as well.

Following the jittery over SVB, Indian banking stocks tanked nearly 2%.

After Fed Chair Powell’s hawkish comments earlier this week, the release of the US jobs report has alleviated some apprehensions that the Fed might aggressively increase rates during its March meeting.

On the sectoral front, Nifty Auto, and Media are trading about 2% lower. Nifty FMCG and IT also shed about 1%. All other major sectoral indices putting pressure on the chart.

At around 2.00 PM, BSE Sensex is trading 688 points lower at 58,447. NSE Nifty is trading 1.08% lower at 17,224 points.

Tech Mahindra is the top NSE gainer with about a 7% uptick. The company appointed the former Infosys President as its new CEO and MD. Adani Enterprises (+1.37%), ONGC (+1.28%), and Apollo Hospitals (+1.05%) take a breather with about 1% gains. Power Grid Corporation (+0.33%) is trading marginally higher.

IndusInd Bank is trading 7% lower, being the top NSE loser. SBI (-2.65%), Tata Motors (-2.48%), M&M (-2.34%), and Axis Bank (-2.31%) are pulling down the chart further.

Total 42 stocks on the Nifty index declined, while just 8 advanced.

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