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"Bad news has shifted from the US to Europe. The refusal of Credit Suisse’s largest shareholder Saudi National Bank to infuse more equity sent the stock plummeting by 30% thereby impacting the European Bank Index which sharply corrected by 8.4%. Since all banks are interconnected, fears of banking contagion are impacting markets," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

Sudip Bandyopadhyay, Group Chairman, Inditrade Capital, has said that the US banking crisis is a "little bit of a concern", but that it is easy to say this is not 2008, this is different, these can be contained, and the US government is taking action. However, he cannot predict with certainty the full ramification of this. He advises investors to be careful too.

The Relative Strength Index of the stock stood at 46.98 on Thursday.

Indraprastha Gas, incorporated in the year 1998, is a Large Cap company (having a market cap of Rs 29281.03 Crore) operating in Gas & Petroleum sector.

Equity markets were plagued by a host of issues this year including rising interest rates, slowing economic growth, Adani crisis and the latest fallout of the banking crisis in the US. Benchmark Nifty is currently 10% down from its peak.

The trend in this counter is negative and investors could look to sell it on rise, Jain said. His view on the tock is over positional term. Any material upside in the stock will open only if the counter breaches over Rs 470 which is a strong support zone, Jain added.

A total of 2,209 shares changed hands on the counter till time (IST).

The Nifty Realty index was trading 0.03 per cent up at 383.1.

Sumitomo Wiring will sell about 230 million shares in the company in a deal that is valued at Rs 1,607 crore. The promoter company held about 17.55% stake in Samvardhana Motherson as of December quarter

On Wednesday, GNFC shares ended at Rs 529.30 on the NSE and were up by Rs 4.10 or 0.77% despite a lacklustre trade in the broader markets. Meanwhile, the benchmark indices BSE Sensex and NSE Nifty have been in a falling trend over the past five trading sessions on the back of twin banking disasters in the US.