off-the-wire

INDIA STOCKS-Indian shares open higher on easing global banking concerns

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Updates opening levels) BENGALURU, March 17 (Reuters) - Indian shares opened higher 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. The Nifty 50 index was up 0.51% at 17,071.85, while the S&P BSE Sensex rose 0.50% to 57,925.12 as of 9:38 a.m. IST. The rise in domestic equities follows a sharp rebound in the U.S. and European markets 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.


Eleven of the 13 major sectoral indexes advanced with high weightage financials rising 0.8%. Information technology stocks rose over 1% and nine of its 10 constituents logged gains. India's largest IT services provider TCS was the exception, losing 0.2% after the resignation of its CEO Rajesh Gopinathan barely a year into his second five-year term. He will be succeeded by TCS veteran K Krithivasan.


Among individual stocks, defence firms like Hindustan Aeronautics , Bharat Forge , Bharat Dynamics gained after the Indian government approved the purchase of equipment worth $8.5 billion from domestic companies. Glenmark Life jumped over 4% after declaring an interim dividend of 21 rupees per share for fiscal 2023.



($1 = 82.5870 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann Thoppil and Janane Venkatraman)

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