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Stocks are increasing as bank stocks show some strength following the takeover of failed Silicon Valley Bank by First-Citizens Bank & Trust, which could help ease market concerns over troubled banks. Stocks in the Dow Jones Industrial Average and S&P 500 each climbed 0.8% in early Monday trading, whilst Nasdaq-traded First Citizens BancShares rose 40% in premarket trading. However, the risks of a recession persist due to the high interest rates squeezing lenders. The managing director of the International Monetary Fund, Kristalina Georgieva, said that financial stability risks are rising as interest rates increase to combat inflation.

The existing Systematic Investment Plan (SIP) and Systematic Transfer Plan (STP) will reopen from March 29 onwards. However, fresh SIP and STP will not be allowed.

Customers of SVB will automatically become customers of First Citizens, which is headquartered in Raleigh, North Carolina. The 17 former branches of SVB will open as First Citizens branches Monday, the FDIC said.

Sebi has imposed a penalty of INR 1 crore on Mysore Amalgamated Coffee Estates for aiding and abetting Coffee Day Enterprises in the diversion of funds worth INR 3,535 crore. The company had to pay the fine within 45 days of the order passed by Sebi. According to the regulator, Mysore Amalgamated Coffee Estates was a pass-through entity that violated SEBI Act and Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations. Such diversions of funds were not disclosed to investors until the death of VG Siddhartha, the chairman of the Coffee Day Group in July 2019.

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Volumes will likely drop next year on the back of falling new account openings and plateauing active accounts, Kamath said, adding that STT collections could be lower than prior to the hike.

Nifty settled at 16,985.7, up 0.24%, while Sensex ended 0.22% higher at 57,654.

Avalon is a fully integrated electronic manufacturing company that offers end-to-end service solutions. The company has 12 manufacturing units located across the US and India. Some of its key clients include Kyosan India, Zonar Systems Inc, Collins Aerospace, and eInfochips, among others

In the overseas market, both gold and silver were trading lower at USD 1,970 per ounce and USD 23.10 per ounce, respectively.

The Nifty Pharma index closed 1.08 per cent up at 11882.75.