Markets tumble

20 Mar 2023 , 01:08 AM

Indian markets are in red today due to increased bank risk at the global level.

This situation, however, was alleviated to some extent when UBS Group made a ground-breaking acquisition of the distressed Credit Suisse, with the support of Swiss authorities. Despite this development, there were still concerns among certain investors, leading to the overall decline in the Indian stock market.

Nifty Metal is trading nearly 3% lower. Nifty Media and IT extended a 2% downside. All the other sectoral indices are trading lower.

Crude Oil hit its lowest level since November 2021 as it slips below $71/bbl.

At around 1.00 PM, BSE Sensex is trading at 57,139, down by 851 points. NSE Nifty is down by 254 points at 16,845 points.

BPCL (+1.78%) and Divis Lab (+0.98%) are the only NSE gainers.

Bajaj Finserv (-4.79%) is the top loser on NSE today, followed by Adani Enterprises (-4.33%). Hindalco (-3.52%), Bajaj Finance (-3.39%), and Tata Motors (-2.98%) are trading 3% lower.

Only 3 stocks on the Nifty index advanced, while all other 48 stocks declined.

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