Sensex crashes 337 points to end the day at 57,900, Nifty below 17,100 as SVB crisis hits banking stocks

Dragged down by banking stocks following the contagion that spread as a fallout of SVB's collapse, Sensex plunged by 337 points to end the day in red at 57,900 points. Nifty on the other hand was pushed below 17,100 with a 100 point dip for Nifty Bank.

IT and metal stocks also led the pack of laggards, while the global economy was hit by the SVB crisis, which sent oil prices crashing down by $1. As the retail inflation remained above the Reserve Bank of India's tolerance ceiling for a second straight month, a repo rate hike and higher loan interest rates are expected for FY24.