India's benchmark stock indices declined through midday after opening mixed in a volatile session on Tuesday.
Asian equities extended declines, led by weakness in financial stocks, as the collapse of Silicon Valley Bank continued to reverberate across global markets. The S&P 500 closed on Monday down 0.2%, after bouncing between gains and losses amid a rout in bank shares, while the policy-sensitive Nasdaq climbed 0.8%, the most in over a week. The fallout from SVB's collapse prompted President Joe Biden to promise stronger regulation of U.S. lenders, while reassuring depositors that their money is safe.
At 12:19 p.m., the S&P BSE Sensex declined 278 points, or 0.48%, to 57,959.83, while the NSE Nifty 50 fell 90 points, or 0.52%, to 17,064.65.
Adani Enterprises Ltd., State Bank of India, Kotak Mahindra Bank Ltd., Adani Ports and SEZ Ltd., and Bajaj Finance Ltd., were negatively contributing to the NSE Nifty 50.
Whereas, Reliance Industries Ltd., Larsen and Toubro Ltd., HDFC Bank Ltd., Bharti Airtel Ltd., and Power Grid Corporation of India Ltd. were adding positively to the index.
Shares of Adani Group companies declined on Tuesday, with the exception of Adani Green Energy Ltd., which rose 2.23%.
The broader market indices were trading lower; S&P BSE MidCap was down 0.60% whereas S&P BSE SmallCap was lower by 0.86%.
Eighteen out of 19 sectors compiled by BSE Ltd. declined while S&P BSE Metal advanced.
The market breadth was skewed in favour of sellers. About 973 stocks rose, 2,354 declined, and 123 remained unchanged on the BSE.
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