Market closed on a weak note, hitting a 5-month low as global market sell-off triggered massive volatility. The volatility index surged over 20 percent, marking the biggest single-day gain in a year. The collapse of SVB led to a sell-off in First Republic and Signature Bank stocks in pre-market trading. The Nifty Bank mirrored its global peers with the index falling the most in the last one month.

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In a bleak session, 47 of 50 Nifty stocks closed in the red, with Infosys, RIL, ICICI, and HDFC Bank being the biggest drags. All Nifty Bank constituents closed the session with huge cuts. The Sensex fell 897 points to 58,238, and the Nifty shed 259 points to 17,154. The Nifty Bank slid 921 points to 39,565, and the Midcap index lost 611 points to 30,107.

All sectoral indices closed in the red, with PSU Bank falling the most. IndusInd Bank fell more than 7 percent as CEO gets 2 years against 3 years asked. AU SFB and City Union Bank also saw a decline of 5 percent and 2 percent, respectively, as their CEOs' term expires next month. Tech Mahindra rose up to 10 percent, marking its biggest gain in 7 years following Mohit Joshi's appointment as CEO. However, Infosys came under pressure after Mohit Joshi's resignation, and the stock fell 2 percent. Piramal, Biocon, Atul, Page, Laurus, Crompton, Muthoot, PVR, and Ipca all ended at their 52-week lows.

In block deals, Sona BLW fell over 6 percent, while Mahindra CIE slipped 8 percent on a change of hands for 6.5 percent equity. HAL fell 4 percent from highs as Navy halted ALH Dhruv Helicopter Ops.

Market breadth firmly favored declines, with the advance-decline ratio at 1:5. BSE companies erased market cap of nearly Rs 4 lakh crore today.

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(Edited by : Anshul)