Sensex, Nifty plunge to 5-mth low over contagion fears from US banks’ failure

Mumbai, March 13

Benchmark stock indices Sensex and Nifty declined for a third day on the trot to close at five-month low levels on Monday due to a massive sell-off in banking, finance and auto stocks triggered by fears of potential contagion from the biggest bank failure in the US since 2008.

Unabated flight of foreign capital and a weak domestic currency amid global rate hike fears added to the gloom, traders said.

Falling for the third straight session, the Sensex plunged 897.28 points to settle at 58,237.85, the lowest closing level in five months. Only one Sensex stock ended higher while the rest 29 dropped.

The index opened higher and later rose by 375 points to touch a high of 59,510.92 in early trade amid positive Asian markets. However, bears gripped the markets and the index tanked over 1,400 points from the day’s high to 58,094.55.

The NSE Nifty tanked 258.60 points or 1.49 per cent to end at a five-month low of 17,154.30, with 45 of its scrips ending in the red.

IndusInd Bank was the biggest loser in the Sensex pack, shedding 7.46 per cent, followed by SBI, Tata Motors, M&M, Bajaj Finserv, Axis Bank and Infosys. In contrast, Tech Mahindra was the only winner. — PTI

IndusInd Bank top loser

• The Sensex plunged 897.28 points to settle at 58,237.85, the lowest closing level in five months
• The Nifty tanked 258.60 points to end at a five-month low of 17,154.30, with 45 of its scrips ending in the red
• IndusInd Bank was the biggest loser in the Sensex pack, shedding 7.46%, followed by SBI, Tata Motors, M&M, Bajaj Finserv, Axis Bank and Infosys