BENGALURU, March 17 (Reuters) - Indian shares are set
for a higher open on Friday, tracking a rebound in global
equities after a slew of measures to support the global banking
system eased worries about a crisis in the financial sector.
India's NSE stock futures listed on the Singapore exchange were up 0.73% at 17,146 as of 8:15 a.m. IST
The Nifty 50 swung between gains and losses before
edging a tad higher on Thursday. Both the benchmarks snapped a
five-day losing streak.
Equities in Europe and the United States advanced on
Thursday on news that a large group of banks was infusing cash
into U.S. lender First Republic Bank alongside a lifeline from
Swiss National Bank to Credit Suisse. The developments eased
concerns of a crisis in the global banking system.
Wall Street equities edged higher. The MSCI's broadest index
of Asia-Pacific shares outside Japan were up
1.14%. Investors await the U.S. Federal Reserve's policy decision
on March 22, especially after worries about the global financial
sector resurfaced last week. Money markets are still pricing in
a 25-basis-point rate hike by the Fed. Information technology stocks could react to the resignation
of Rajesh Gopinathan, the chief executive officer of India's
largest IT services provider Tata Consultancy Services (TCS) . Gopinathan, who has resigned barely a year into his
second five-year term, will be succeeded by K Krithivasan.
Foreign institutional investors (FII) extended their selling
streak to a sixth straight session on Thursday, when they sold a
net 2.82 billion rupees ($34.2 million) of equities.
Stocks to Watch:
** Glenmark Pharma : Co gets U.S. FDA nod to
proceed with Phase 1/2 tests of its drug to treat advanced
tumors, lymphomas.
** Zee Entertainment : Enters into a settlement
agreement with Indian Performing Right Society (IPRS) to resolve
all disputes and claims.
** Hindustan Aeronautics: Defence ministry approves purchase
of missiles, helicopters, artillery guns and electronic warfare
systems worth $8.5 billion. All orders would be placed with
domestic companies.
** Voltas : Company's unit gets multiple project
orders worth 17.70 billion rupees.
** Rail Vikas Nigam : Co emerges as lowest bidder
for a project worth 1.12 billion rupees. ($1 = 82.5870 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by
Dhanya Ann Thoppil)
