Indian analysts don't expect a ripple effect of the SVB crisis on the domestic financial system.
The SVB crisis has near zero impact on Indian banking, V. K. Vijayakumar, chief investment strategist at Geojit Financial Services, said, adding that it is unlikely to rattle markets for long.
Banking stocks advanced 0.1%.
Shares of Indian IT services provider Tech Mahindra jumped over 10% after it named an Infosys veteran Mohit Joshi as the new chief executive officer after incumbent C.P. Gurnani retires in December. The leadership changed spurred the tech stocks, sending them up 0.6%. IT stocks have the highest weightage in the benchmark Nifty index after financials.
Meanwhile, Indian investors -await retail inflation
data, which likely eased to 6.35% in February, though above the
Reserve Bank of India's upper threshold for a second straight
month, a Reuters poll of 43 economists showed.
Yes Bank Ltd shares fell as much as 13% after the
company said locked-in shares of investors have been released on
March 13, when the period expired as a part of the lender's
restructuring.
Shares of IndusInd Bank Ltd fell 6.3% after
analysts said the RBI's approval of the tenure of re-appointment
of the private lender's CEO came in below the proposed period.
($1 = 81.9600 Indian rupees)
(Reporting by Nallur Sethuraman and Nishit Navin in Bengaluru;
Editing by Janane Venkatraman and Dhanya Ann Thoppil)
