The key benchmark indices wiped-out early morning gains and plunged to hit fresh 2023 year lows amid broad-based sell-off on Monday. The Silicon Valley Bank (SVB) crisis saw banking shares take a knock, while other sectors, too, succumbed to the selling pressure.

Earlier in the day, the BSE Sensex rallied to a high of 59,511 after the Federal Reserve policymakers promised that depositors at SVB financial will have access to their money.

However, selling set-in in late morning deals and intensified thereafter knocking-off the Sensex to its calendar year low at 58,095 – down 1,415 points from the day’s high. The Sensex finally ended with a loss of 897 points at 58,238.

The 30-share benchmark index ended at 58237.85 down by -897.28 points or by -1.52 % and then NSE Nifty was at 17154.3 down by -258.6 points or by -1.49 %.

Sensex touched intraday high of 59510.92 and intraday low of 58094.55 The NSE Nifty touched intraday high of 17529.9 and intraday low of 17113.45

The top gainers of the BSE Sensex pack were Mahindra & Mahindra Ltd. (Rs. 1133.60,+6.83%), among others.

The top losers of the BSE Sensex pack were IndusInd Bank Ltd. (Rs. 1060.00,-7.46%), State Bank of India (Rs. 529.70,-3.21%), Tata Motors Ltd. (Rs. 422.40,-3.06%), Mahindra & Mahindra Ltd. (Rs. 1195.15,-2.57%), Bajaj Finserv Ltd. (Rs. 1295.90,-2.47%), among others.

Power index was at 3587.61 up by -4.15 points or by -0.12%. Adani Green Energy Ltd. (Rs. 717.20,+5.00%), Adani Transmission Ltd. (Rs. 949.00,+5.00%), Adani Power Ltd. (Rs. 215.50,+4.99%),.

_Bankex index was at 44793.66 down by -1027.62 points or by -2.24%. IndusInd Bank Ltd. (Rs. 1060.00,-7.46%), Au Small Finance Bank Ltd. (Rs. 595.00,-4.69%), State Bank of India (Rs. 529.70,-3.21%), Bandhan Bank Ltd. (Rs. 218.40,-2.85%), Federal Bank Ltd. (Rs. 129.45,-2.71%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 4013 , shares advanced were 884 while 2946 shares declined and 183 were unchanged.