Sensex fell below 58 thousand for the fourth consecutive day

Weak sentiment around banks meant that banking sector indices declined, adding pressure in IT, realty and metals sectors as all indices except pharma ended with losses. Reliance Industries hits new 52-week low for second day in a row 2,269.05 during intraday trades. Most Adani Group shares fell, while Adani Enterprise and Adani Ports and Special Economic Zone were down 7.27% and 3.92%, respectively, as risk-off sentiment prevailed. Adani group bonds also saw a rise in yields during intraday trading in global markets. Experts said domestic indices witnessed a roller coaster ride coupled with greater global uncertainty.

Shrikant Chauhan said, “SVB and Signature Bank results somewhat dampened investor sentiment over the past few sessions, and with the possibility of a rate hike already on the cards, the mood remains cautious with a downside bias.” Is.” Head of Equity Research (Retail), Kotak Securities Ltd.

The Nifty, which briefly slipped below the 17,000-mark during intraday trade, saw a significant recovery.

Chouhan said that technically the Nifty can take support between 17,000 and 16,800 levels.

The benchmark indices hovered over key support – 17,000 for Nifty and 39,500 for Bank Nifty as anticipation of a bounce back. However, more bearish bets were added in Nifty and Bank Nifty derivatives as the index declined, underlining fears of a collapse of the three US tech-focused banks.

Experts said the only positive takeaway from the SVB crisis is that the US Federal Reserve may go slow on rate hikes and markets will remain cautious till the next Fed meeting on March 22. Market participants now expect a rate hike of 25 basis points or perhaps no hike at all.

ujjval.j@livemint.com