stock market crash by 1400 points

Sensex crashed by 1,400 pts from day’s high! 

posted by  NILESH WAGHELA

MUMBAI: The Sensex fell nearly 1,400 points from the day's high on American Bank's jitters and finally settled down 897 points at 58,237.

When the Indian stock market was trying to recover from the Adani crisis, the failure of Silicon Valley Bank (SVB) in the US came as another crude shock.

In the last three trading sessions, investors have turned poorer by Rs 6.6 lakh crore and the Sensex has crashed around 2,000 points as the SVB crisis is having a ripple effect on global equity markets.

During the day, bank stocks were among those worst affected despite analysts and brokerages saying that Indian banks are well-placed in a tight regulatory framework.

Fear gauge index India VIX jumped 15% as all sectoral indices were trading in the red today.

Even as the US regulators jumped into action, the failure of SVB and Signature Bank spoiled market sentiments. "In a globalised world, a positive or a negative financial event in any known corner of the globe has a ripple effect. There is nothing like ‘decoupled’ anymore, and India is no exception. Any larger contagion effect will impact our markets as well," said Dalal Street veteran Sunil Sanghai.