Banking Crisis: After Silicon Valley, now Credit Suisse scares, American market battered, Indian market will also be affected – banking fears gripped across the globe Indian share market fell to five months low
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The BSE Sensex closed at a five-month low, falling 344 points on Wednesday due to heavy selling in bank, finance and telecom telecom stocks in the domestic stock market. Traders said health of banks and inflation concerns weighed on the market sentiment. Falling for the fifth consecutive session, the Sensex closed at 57,555.90. The index had climbed over 570 points to hit a high of 58,473.63 during the trade. But the stock markets lost enthusiasm after a weak opening in European shares. NSE’s Nifty also closed at 16,972.15, down 71.15 points, or 0.42 percent. Out of 50 stocks included in this, 28 stocks were in loss.
Heavy loss to investors
IndusInd Bank was the biggest loser in the Sensex pack, shedding two per cent. Apart from this, Bharti Airtel, Reliance Industries, HDFC, HDFC Bank, SBI, HUL, Tata Motors, Nestle India and Axis Bank were also among the losers. On the other hand, Asian Paints, Tata Steel, Titan and L&T were gainers, rising up to 3.03 per cent. Of the 30 Sensex stocks, 21 ended in losses. This year has been extremely disappointing for stock market investors. In two and a half months, the investors of the Indian stock market have lost Rs 26.50 lakh crore.
Meanwhile, the banking crisis that started from America has now knocked in Europe as well. Shares of Switzerland’s Credit Suisse hit a record low on Wednesday. The largest shareholder of the bank said that it cannot infuse more money to support the bank. This caused a huge fall in the bank’s shares. Trading in the shares was halted several times. This was because volumes increased and the stock fell 20 percent. The banking sector crisis pushed European stock markets deep into the red. Britain’s FTSE 100 stock index fell to its lowest level since last December.
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Banking crisis reached Europe
Swiss bank UBS is down 6.2 per cent, Germany’s Deutsche Bank shed 6.4 per cent. Similarly, France’s Societe Generale declined by 9.5 percent. Barclays declined 6.5 per cent, while Standard Chartered declined 5.5 per cent and NatWest 4.4 per cent. All banks have declined by eight to 12 per cent. This year, two US banks have sunk, whose combined assets are $ 319 billion. This is the worst year in US banking history since 2008. Then 25 banks were submerged, whose total assets were $ 374 billion. The US Federal Deposit Insurance Corporation (FDIC) began collecting data in 2001.
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