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Sensex, Nifty End Off Day's Lows
(RTTNews) - Indian shares joined a global sell-off on Friday as investors assessed the potential fallout from the implosions of Silicon Valley Bank and Silvergate Capital.
SVB Financial shares plunged 60 percent overnight after the tech-focused bank announced a plan to raise more than $2 billion in capital in an attempt to offset losses from bond sales.
There were concerns that the SVB contagion could spread to other financial institutions in the United States.
Earlier in the week, crypto-focused U.S. bank Silvergate said it would wind down operations following a bank run prompted by regulatory concerns.
Traders also waited for the release of monthly U.S. jobs report later in the day that could reinforce expectations of a bigger rate hike later this month.
The benchmark S&P/BSE Sensex hit an intraday low of 58,884.98 before recouping some losses to end the session down 671.15 points, or 1.12 percent, at 59,135.13.
The broader NSE Nifty index also cut early losses to settle 176.70 points, or 1 percent, lower at 17,412.90.
IndusInd Bank, HDFC, Apollo Hospitals Enterprise, HDFC Bank and Adani Enterprise fell 2-3 percent while Maruti Suzuki India, NTPC and Tata Motors all rose about 1 percent.
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