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06:44 PM
Bank stocks plunge resumes as SVB market turmoil continues
Europe’s STOXX banking index fell 5.8%, having shed 3.78% on Friday, leaving it on track for its biggest two-day fall since March 2022, soon after Russia invaded Ukraine.
Commerzbank AG fell as much as 12.7%, while Credit Suisse Group AG briefly hit a new record low after falling more than 15%.
06:43 PM
Market stress indicators begin to flash in wake of SVB collapse
The startup-focused bank became the largest bank to fail since the 2008 financial crisis last week, sending shockwaves across global markets.
U.S. regulators stepped in over the weekend to guarantee the deposits of SVB, but this did little to reassure investors that there will be no more fallout.
Investors reeled in their expectations for global central bank rate hikes, and bank stocks tumbled once again.
06:36 PM
JPMorgan among suitors for SVB Financial in deal excluding SVB Bank: Axios
PNC Financial Services Group Inc, Apollo Management and Morgan Stanley are also in talks with the defunct lender, Axios reported, adding Apollo was interested in financing a deal or acquiring some of the business.
06:35 PM
Spot silver jumps 3%
06:05 PM
SVB Financial mulls strategic options
SVB’s plan comes after Californian regulators shuttered its banking unit on Friday following a failed share sale that drained $42 billion in deposits in a single day and sucked out liquidity at the company.
05:02 PM
Financial tremors now muddying Fed inflation debate
The sudden failure of Silicon Valley Bank last week isn’t expected to prevent the Fed from continuing to raise interest rates at its March 21-22 meeting, with inflation still running far above the Fed’s 2% target and Fed chair Jerome Powell indicating monetary policy might need to become even more aggressive.
05:00 PM
Dollar slides as Fed rate hike expectations trimmed on SVB collapse
The U.S. government announced several measures early in the Asian trading day, saying all SVB customers will have access to their deposits starting on Monday.
04:43 PM
Tech View: Nifty delivers tall bearish candle. What should traders do on Tuesday
Now till it remains below 17,250 zones, weakness could continue towards next psychological support of 17,000-16,800 levels while on the upside hurdles are seen at 17,350 and 17,442 levels, said Chandan Taparia of Motilal Oswal.
Option data suggests a broader trading range between 16,800 and 17,700 zones while an immediate trading range between 17,000 and 17,500 zones.
Nifty is now trading below all its important averages and the slope of the average has tilted lower. Prices on the daily chart are trading within the falling channel pattern and have to find the overhead resistance near the upper band of the pattern, chart readers said.
03:42 PM
ECB banking supervisors don’t plan emergency meeting after SVB collapse, source says
The European Central Bank is not planning an emergency meeting of its banking supervisory board on Monday, a senior source told Reuters, even as the collapse of U.S. lender Silicon Valley Bank pummels bank shares.
The source on the Single Supervisory Board saw no direct impact from the SVB collapse on euro zone banks unless the ramifications spread to larger U.S. banks, raising the risk of contagion.
03:35 PM
Closing Bell: Sensex extends losses to 3rd straight session, plunges 897 pts; Nifty drops below 17,200; Tata Motors falls 3%, M&M 2%
03:13 PM
Dollar slides as Fed rate hike expectations trimmed on SVB collapse
The U.S. government announced several measures early in the Asian trading day, saying all SVB customers will have access to their deposits starting on Monday.
03:12 PM
Dr Reddy’s Laboratories says Life Insurance Corporation of India raises stake in co from 7.676% to 9.695%
03:02 PM
Bitcoin, USDC stablecoin rally after U.S. intervenes on SVB
The U.S. Treasury and Federal Reserve announced a range of measures to stabilize the banking system and said depositors at SVB would have access to their deposits on Monday.
03:00 PM
Dow Futures turns negative, falls 345 pts or 1.07%
02:58 PM
Safe-haven gold accelerates as traders assess SVB fallout
Spot gold was up 0.9% at $1,885.37 per ounce, as of 0904 GMT. Earlier in the session, prices hit their highest since early Feb at $1,893.96. U.S. gold futures gained 1.2% to $1,889.50.
On Friday, gold gained 2% after California regulators closed tech startup-focused Silicon Valley Bank (SVB). Regulators also shuttered New York-based Signature Bank SBNY.O on Sunday.
02:54 PM
Bank of England backs HSBC rescue of Silicon Valley Bank’s UK arm
The UK government announced on Monday that it has facilitated London-based banking major HSBC to buy the embattled UK arm of Silicon Valley Bank for 1 pound, securing the deposits of more than 3,000 customers worth around 6.7 billion pounds. Santa Clara, California-based Silicon Valley Bank – which specialised in lending to technology companies – was shut down by US regulators on Friday in what was the largest failure of a US bank since 2008.
According to experts, although the UK arm of SVB was small with only around 3,000 business customers, its collapse would have presented a risk for the tech sector which is seen as crucial to Britain’s economic growth.
02:50 PM
Vistra sold 2.36% stake in Mangalore Chemicals that was earlier pledged, in capacity as debenture trustee – Exchange Filing
02:47 PM
Global Markets | US First Republic Bank falls 60% in premarket trading
02:44 PM
Sensex nosedive over 1000 pts!
02:42 PM
Chinese shares jump on recovery optimism, Fed pause bets
The rally also came as investors cheered more evidence of China’s recovery, and after Beijing surprised by keeping the head of the central bank and finance minister in their posts at the annual session of parliament on Sunday.
02:33 PM
European banks hit 7-week lows amid SVB worries
Shares in European banks continue to fall on Monday amid jitters over the fallout from Silicon Valley Bank’s (SVB) collapse and even as U.S. authorities moved to stem the contagion
02:23 PM
Nifty Private Bank falls over 2%; take a look at the top losers
02:00 PM
Global Markets | Markets mixed as traders weigh US support after SVB collapse
The collapse Friday of Silicon Valley Bank, which specialised in venture-capital financing largely in the tech sector, came after a huge run on deposits left it unable to stay afloat on its own.
Tokyo – Nikkei 225: DOWN 1.1 percent at 27,832.96 (close)
Hong Kong – Hang Seng Index: UP 2.0 percent at 19,695.97 (close)
Shanghai – Composite: UP 1.2 percent at 3,268.70 (close)
London – FTSE 100: DOWN 0.3 percent at 7,724.32
01:55 PM
Shares of auto component maker Sona BLW Precision Forgings (Sona Comstar) slipped over 6% to Rs 408 in Monday’s trade on BSE amid reports of a large block deal in the counter.
01:44 PM
Market live updates: Sensex tanks 700 pts!
01:40 PM
Check out the top laggards as Nifty slips below 17,250
01:22 PM
Global Surfaces IPO: Check subscription status, GMP and other details
The issue will be available for public subscription till March 15. Investors can bid for 100 shares in 1 lot and in multiples thereof.
The company has fixed a price band of Rs 133-140. The company plans to raise about Rs 154.98 crore at the upper end of the price band
12:57 PM
Crypto Price Today: Bitcoin above $22k; crypto market cap crosses $1 trillion
Meanwhile, the global cryptocurrency market cap was trading higher around $1.02 trillion, rising 7.63% in the last 24 hours.
Bitcoin (BTC) rose 9.24% to $22,462 whereas Ethereum (ETH) was above the $1,600 level. BTC volume in the last 24 hours stood at approximately $34.89 billion, rising 39.84% in the last 24 hours.
12:51 PM
Heatmap | Sensex tumbles over 500 pts; take a look at how top stocks are trading
12:41 PM
HSBC says it has acquired Silicon Valley Bank UK
HSBC said on Monday it had acquired the UK subsidiary of Silicon Valley Bank for 1 pound.
“This acquisition makes excellent strategic sense for our business in the UK,” HSBC CEO Noel Quinn said in a statement.
12:31 PM
Japan’s Nikkei drops as SVB collapse weighs on bank stocks; autos slump
Automakers also slumped amid pressure from a stronger yen, with Mitsubishi Motors pacing declines.
The Nikkei sank 1.11% to 27,832.96 as of the close, though that was well off the day’s low of 27,631.53, the weakest level since March 2.
12:18 PM
Sensex erases gains, falls over 650 pts from day’s high
12:15 PM
Kama Holdings declares second interim dividend of Rs 84 per share
12:12 PM
Sector Watch | Auto, Media and Bank stocks trade under pressure
12:03 PM
NCLT approves scheme of amalgamation of United Seamless Tubulaar Private, wholly owned subsidiary of the Company with Maharashtra Seamless.
11:49 AM
Yes Bank shares plunged over 12% on Monday, falling to a low of Rs 14.40 intraday as investors looked to book profits in the early trade. The stock was trading at Rs 15.45 and was down by Rs 1.05 or 6.36%. The lock-in period for the consortium of 8 lenders led by the State Bank of India (SBI), who invested in YES Bank in 2020, is expiring today.
11:38 AM
UK Stocks | Britain’s FTSE 100 index is seen opening marginally higher with futures up 0.01% on Monday. SVB: A would-be buyer for the UK arm of failed U.S. lender Silicon Valley Bank (SVB) stepped forward as British PM Rishi Sunak said his government was working to limit any fallout for companies from the bank’s demise.
11:30 AM
Shares of private lender IndusInd Bank tumbled nearly 7% to Rs 1,067.7 in Monday’s trade on the BSE after the Reserve Bank of India (RBI) approved the re-appointment of Sumant Kathpalia as the MD & CEO for a period of two years as against the board’s approval for 3 years. This has left brokerages a bit puzzled.
11:18 AM
Tata Power Renewable Energy, a subsidiary of Tata Power signs PPA for 510 MW Hybrid project with Tata Power Delhi Distribution (TPDDL)
11:08 AM
Hyundai inks pact to acquire GM India’s Talegaon manufacturing facility
Hyundai Motor India on Monday said it has inked a term sheet to potentially acquire land, buildings and certain manufacturing equipment at General Motors India’s Talegaon-based manufacturing plant. The company has inked a “term sheet” for the potential acquisition of identified assets related to the Maharashtra-based facility, the country’s second largest carmaker said in a statement.
The term sheet covers the proposed acquisition of land and buildings and certain machinery and manufacturing equipment at the Talegaon plant, it added.
10:49 AM
Shares of Nazara Technologies in which the Jhunjhunwala family owns a stake, tumbled nearly 7% to Rs 483 in Monday’s trade on BSE after the company informed stock exchanges that two of its subsidiaries have Rs 64 crore ($7.75 million) stuck in Silicon Valley Bank (SVB) that collapsed last week.
10:24 AM
Gold bounces 1% as investors seek cover from US banking rout
Spot gold was up 0.8% at $1,882.70 per ounce, as of 0416 GMT. Earlier in the session, bullion hit its highest level since Feb. 3 at $1,893.96.
U.S. gold futures gained 1% to $1,886.50. “Gold has certainly sprung back to life, with safe-haven flows sending prices to within a cat’s whisker of $1,900,” said Matt Simpson, senior market analyst at City Index.
10:05 AM
Shares of IT major Tech Mahindra jumped nearly 10% to Rs 1,164.5 in Monday’s intraday trade on BSE after the company appointed Mohit Joshi as its managing director and CEO for a period of five years with effect from December 20, 2023. Joshi will replace CP Gurnani, who is set to retire in December.
As Nifty struggles to stop the slide that now aims atleast 17255-17050, a pull back above 17420 could signal that Nifty is in the mood to shrug off bearish vibes. And, once 17520 is cleared, 17800-18200 will be back in the radar. Alternatively, inability to float above 17420-520 band will attract rejection trades, which would have the potential for an expansive plunge towards 16500-200. While this is a possibility, we will go in this week not expecting an outright collapse.
– Anand James – Chief Market Strategist at Geojit Financial Services.
09:49 AM
Paytm Feb ’23 Operating Performance Update| Sustained growth in payments and loan distribution business: Leadership in offlinepayments strengthens with 6.4 million devices deployed; disbursements of Rs 4,158 cr ($503 million) in the month of February 2023 through Paytm platform.
09:35 AM
HAL signs a contract for procurement of 6 Dornier-228 aircraft worth for Rs. 667 crore for Indian Air Force.
09:25 AM
Alembic Pharmaceuticals completed USFDA inspection for derma facility at Karakhadi without any observations.
09:24 AM
Rupee rises 26 paise to 81.80 against US dollar in early trade.
The SVB issue is unlikely to rattle markets for long. The quick joint statement by the US Treasury, the Fed and the Federal Deposit Insurance Corporation that all the depositors money will be safe is enough to calm the markets. The ‘Lehman’ comparison is totally inappropriate. However, investors have to be careful since there can be a sentimental impact on banking stocks. Since this crisis has near zero impact on Indian banking, investors with a higher risk appetite can use the weakness in the market to buy high quality bank stocks. A possible positive impact of the SVB crisis is that it may nudge the Fed to go less hawkish since the aggressive rate hike by the Fed lies at the root of the SVB crisis. If the US CPI inflation data tomorrow indicates a declining trend in inflation, the Fed is unlikely to raise rates by 50 bp in the March 22 meeting. That will be a positive from the market perspective.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
09:22 AM
Top movers in morning trade
09:21 AM
Opening Bell: Sensex jumps over 200 pts, Nifty above 17,400; TechM gains 5%, Yes Bank falls 9%
09:15 AM
Pre-open session: Sensex slips 100 points; Nifty below 17,425
07:37 AM
Asian shares mostly sink on jitters after US bank failure
Asian shares mostly fell Monday, shaken by a Wall Street tumble that set off worries the biggest U.S. bank failure in nearly 15 years might have ripple effects around the world. Japan’s benchmark Nikkei 225 slipped 1.2% to 27,817.43 in morning trading. Australia’s S&P/ASX 200 slipped 0.6% to 7,104.30. South Korea’s Kospi was little changed at 2,394.10.
07:36 AM
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 65.5 points, or 0.38 per cent, lower at 17,372, signaling that Dalal Street was headed for negative start on Monday.
07:35 AM
Tech View: Nifty forms hammer pattern on daily charts
Indicating support-based buying at lower levels, Nifty on Friday formed a bearish candle with a long lower shadow that resembled a hammer pattern on the daily charts.
07:35 AM
Tokyo stocks open lower extending US losses
Tokyo stocks opened lower on Monday after a rout on Wall Street as banking shares wobbled on contagion fears after the failure of regional lender Silicon Valley Bank (SVB).The benchmark Nikkei 225 index was down 1.76 percent, or 495.49 points, at 27,648.48 about 80 minutes after the opening bell, while the broader Topix index lost 2.14 percent, or 43.43 points, to 1,988.15.
07:35 AM
Wall Street dives, Treasury yields tumble as bank worries spread
U.S. stocks closed sharply lower and Treasury yields extended their slide on Friday over fears of contagion in the financial sector and strong February employment data showing the economy added more jobs than expected.
07:35 AM
Rupee ends flat at 82.06 against US dollar
The rupee pared its initial losses to settle flat at 82.06 against the US dollar on Friday, following a weak greenback in the overseas market amid a negative trend in domestic equities.
07:35 AM
Sensex, Nifty on Friday
Leaving Dalal Street investors poorer by Rs 1.6 lakh crore, the Sensex ended 671 points lower while Nifty fell below its 200-DMA. The sell-off was led by bank stocks as Nifty Bank slipped below the 40,500 mark with a loss of 771 points.
07:34 AM
Good morning, dear reader! Here’s something to kickstart your trading day
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