Stocks extended their losing streak for the third day as concerns about the US banking crisis continued to weigh on investor sentiment. The benchmark Nifty and Sensex indices closed 1.49% and 1.52% lower on Monday, marking their lowest levels in seven months.
The ripple effects of Silicon Valley Bank’s closure were felt globally, wiping out ₹4.04 trillion of investor wealth in India alone on Monday. Foreign portfolio investors (FPIs) sold a provisional ₹1,547 crore, worsening the losses. The National Stock Exchange’s total market capitalization plummeted to ₹256.56 trillion from ₹260.6 trillion on Friday, with four out of five stocks declining.
Bloodbath was seen in the global market as the fallout of the Silicon Valley Bank shutdown was followed by turmoil at Signature Bank, keeping investors worried about the strength of the US banking system, said Vinod Nair, head of research at Geojit Financial Services.
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