MARKET CLOSING UPDATES: On March 14, the benchmark BSE Sensex lost about 340 points and closed below the 58,000 mark, marking the index's fourth straight day of losses as auto, IT, and financial sectors tanked due to worries about the effects of the failure of two American banks.
The 30-share BSE Sensex dropped 337.66 points or 0.58% to close at 57,900.19, a record five-month low. It reached a high of 58,490.98 and a low of 57,721.16 during the trading session. The broad NSE Nifty lost 111 points, or 0.65%, to close at 17,043.30, a five-month low with its 38 of scrips also experienced negative closing prices.
The Sensex pack's largest loss was M&M, which fell by about 3%. TCS, Bajaj Finance, Wipro, Kotak Bank, Tech Mahindra, HCL Tech, and Tata Motors were the next worst performers. In contrast, companies like Titan, Bharti Airtel, ICICI Bank, and L&T saw gains of up to 0.93%. The BSE smallcap gauge and midcap index both decreased in the overall market by 0.84% and 0.46%, respectively.
Two days after closing Silicon Valley Bank, U.S. officials shut down Signature Bank on March 12 due to large-scale customer deposits being withdrawn from these local banks.
International Markets: The majority of financial institutions in the Asia Pacific, as per Moody's on Tuesday, are not as vulnerable to significant losses from holding debt securities as Silicon Valley Bank was and are not exposed to the collapsed US banks. Shanghai, Tokyo, Hong Kong, and Seoul had heavy losses in the Asian stock markets. Yet, the afternoon activity on the European equity markets was marked by some uneven trading. The major Wall Street indices all finished the overnight trade down.
Rupee Versus Dollar: In the meantime, the rupee lost 26 paise to end Tuesday at 82.49 against the dollar.
Crude OIl: Benchmark Brent crude for international oil prices dropped 1.56% to $79.51 per barrel.
FPIS: According to exchange data, foreign portfolio investors (FPIs) sold shares worth 1,546.86 crore on Monday.
Inflation: In the meantime, despite food prices remaining high, wholesale price-based inflation decreased to a more than two-year low of 3.85% in January due to falling costs for manufactured goods, fuel, and electricity. Retail inflation decreased slightly in February to 6.44%, primarily due to a minor decline in the cost of food and fuel, although it continued to be above the Central Bank's tolerance zone of 6% for the second consecutive month.
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Signature Bank becomes next casualty of banking turmoil, Biggest default of the US!
