Asian markets extended declines on Tuesday while bonds rallied in early trading as the collapse of Silicon Valley Bank continued to reverberate across global markets.

The S&P 500 closed down 0.2% on Monday, after a bounce between gains and losses amid a rout in bank shares while the policy-sensitive Nasdaq rose 0.8%, the most in over a week. The fallout from SVB’s collapse prompted President Joe Biden to promise stronger regulation of US lenders, while reassuring depositors that their money is safe.

Meanwhile, the yield on 10-year Treasuries declined to 3.55%. Crude prices were trading around the $80-mark, while Bitcoin was trading around the 24,000-level.

At 5:47 am, the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was down 0.02% at 17,176.

Both Indian benchmark indices—Sensex and Nifty—closed around 1.5% lower as banking, telecom, and automobile stocks led to the decline.

The Indian rupee closed lower against the US dollar for the second day in a row on account of the weak show of domestic equities and substantial forex outflow.

Overseas investors in Indian equities remained net sellers for the Third day in a row on Monday. Foreign portfolio investors offloaded equities worth Rs 1,546.86 crore, while the domestic institutional investors were net buyers for the third day in a row and mopped up stocks worth Rs 1,418.58 crore.

Divgi TorqTransfer Systems: The auto component maker will list its shares on the exchanges on March 14. The Rs 412-crore IPO was subscribed 5.44 times during its course from March 1 to 3, with institutional buyers leading demand. The QIB portion was subscribed 7.83 times, and the HNI portion was subscribed 1.4 times. The retail portion was subscribed 4.31 times.