BSE Sensex And NSE Nifty 50 Ended With Minor Gains

On Monday, Indian shares rose after news of ongoing negotiations to buy the bankrupt Silicon Valley Bank (SVB) calmed the markets, but concerns about a global banking system meltdown persisted.

The Nifty 50 index rose by 40 points to close at 16,985. The S&P BSE Sensex increased 125 points to close the day at 57,653. The S&P BSE index had surpassed the 58,000-point threshold, and the Nifty 50 had increased by nearly 150 points during the day.

The market was calmed by reports that First Citizens BancShares Inc. might buy Silicon Valley Bank, but ongoing worries about the credit crunch have authorities on high alert for the consequences of recent banking turmoil.

The U.S. Federal Reserve and the European Central Bank officials said they are keeping a close watch on the impact of banking stress on the credit crunch after Deutsche Bank's shares tanked following a rise in credit default swaps to a four-year high.