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Shares in First Republic Bank tumbled 65 percent, PacWest Bancorp 35 percent, Comerica 33 percent and KeyCorp 23 percent as trading got underway

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​In FY23, 34 smallcap stocks have turned into multibaggers, including nine that were negative performers in FY22.

SVB Capital and SVB Securities are separate divisions of SVB Financial and not part of Silicon Valley Bank, which is undergoing resolution under the jurisdiction of the Federal Deposit Insurance Corporation ("FDIC") and the U.S. Federal Reserve.

Much will depend on what U.S. consumer price figures reveal on Tuesday, with an obvious risk that a high reading will pile pressure on the Fed to hike aggressively even with the financial system under strain.

Falling for the third straight session, Sensex tanked nearly 900 points to close below the 59,000 mark on Monday due to a massive sell-off in banking, finance and auto stocks following the Silicon Valley Bank mess-up last week.

Nifty is now trading below all its important averages, and the slope of the average has tilted lower. Prices on the daily chart are trading within the falling channel pattern and have to find the overhead resistance near the upper band of the pattern, chart readers said.

The Fed announced it would make additional funding available through a new Bank Term Funding Program, which would offer loans up to one year to depository institutions, backed by Treasuries and other assets these institutions hold.

The Nifty Realty index closed 1.98 per cent down at 390.25.

In the overseas markets, both gold and silver were trading higher at USD 1,875 per ounce and USD 20.75 per ounce, respectively.