Home ›› 11 Mar 2023 ›› Stock
Indian shares sank about 1% on Friday, as banking and financials stocks mirrored the slump in lenders globally, while IT stocks fell on persistent worries of high interest rates ahead of key U.S. jobs data later in the day.
The Nifty 50 index (.NSEI) fell 1% to 17,412.90, while the S&P BSE Sensex (.BSESN) lost 1.12% to 59,135.13, posting their biggest one-day decline in over two weeks. The indexes, which were roughly flat for the week at the start of the session, slid to losses of over 1% for the holiday-truncated week.
The high-weightage financials index (.NIFTYFIN) tumbled 1.8% on the day, in their biggest slide since Jan. 27, soon after the Hindenberg report on the Adani conglomerate. The Nifty bank index (.NSEBANK), in particular, slumped 1.87% on the day, reported Reuters.
The sell-off in lenders was sparked by a rout in U.S. bank stocks after Silicon Valley Bank was forced to raise fresh capital after losing $1.8 billion selling a package of chiefly U.S. bonds to meet depositor demands for cash.
IT stocks (.NIFTYIT) lost 0.66%, falling for the third session in a row due to worries about rate hikes in the US and Europe.
