​Stock exchange market extends losses: Sensex plunges 897 points, Nifty falls below 17,200

 ​Stock exchange "market extends losses": Sensex plunges 897 points, Nifty falls below 17,200

The Indian stock market continued the previous week's sell-off and closed weaker for the third consecutive day on 13 March after three banks - Silicon Valley Bank, Silver Gate and Signature - suddenly collapsed in the US.

At the close, the Sensex was 897.28 points or 1.52 per cent lower at 58,237.85 points and the Nifty was 258.60 points or 1.49 per cent lower at 17,154.30 points.

After a flat start, the market fluctuated between gains and losses in the first half but extended selling in the second half dragged the Sensex down by 1,000 points and the Nifty closer to the 17,100-point mark.

"Importantly, the Fed's decision at the upcoming meeting will have a decisive impact on the market sell-off, as the consensus is leaning towards no rate hike. US inflation due on Tuesday will also have a decisive impact in the short term as the market is expecting a slowdown from January," he added.