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Sensex Falls Over 900 Points Dragged By Selloffs In Financial Stocks

Sensex Falls Over Nearly 80 Points After US Fed

The BSE Sensex fell 1.4% to 58,309.51. (file)


Indian shares fell more than 1% in volatile trade today, dragged by a selloff in financial stocks, while the collapse of a Silicon Valley bank weighed on sentiment.

By 14:16 pm, the S&P BSE Sensex fell 1.4% to 58,309.51.

Meanwhile, US authorities on Sunday announced plans to limit the damage from the collapse of Silicon Valley Bank (SVB), fueling fears of contagion.

“Selling in the banking sector in India is not directly linked (with SVB events), but so far it can be said that it is a sentiment effect,” said Anita Gandhi, director, Arihant Capital Markets.

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Indian analysts do not expect a ripple effect of the SVB crisis on the domestic financial system.

The SVB crisis has almost zero impact on Indian banking, said VK Vijayakumar, chief investment strategist at Geojit Financial Services, adding that it is unlikely to stir the markets in the long run.

Bank stocks fell 2.1%, while public sector banks fell 2.3%. Auto companies suffered a loss of 2.2%.

IndusInd Bank Ltd was top loser in the Nifty as well as banking stocks, down 7.6%, after analysts said RBI’s approval of the term of re-appointment of the private lender’s CEO was shorter than its proposed term.

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On the flipside, Indian IT services provider Tech Mahindra jumped over 10% after naming Infosys veteran Mohit Joshi as the new chief executive officer when CP Gurnani retires in December.

Meanwhile, Indian investors await data on retail inflation, which is likely to ease to 6.35% in February though remained above the Reserve Bank of India’s upper limit for a second straight month, a Reuters poll of 43 economists showed.

Shares of Yes Bank Ltd fell 13% after the company said the three-year lock-in period as a part of restructuring of the lender ended today.


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