INDIA STOCKS-Indian shares rise on easing global banking concerns

(Updates levels, adds analysts' comments) By Bharath Rajeswaran BENGALURU, March 17 (Reuters) - Indian shares advanced on Friday, aided by financials, 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 0.44% at 17,059.80, while the S&P BSE Sensex rose 0.38% to 57,854.28 as of 10:49 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. While the developments eased immediate concerns of a crisis in the global banking system, some analysts remained cautious. "These measures are like putting bandage to a major problem," Aishvarya Dadheech, fund manager at Ambit Asset Management said.

"The Fed needs to manage a delicate balancing act between price stability (inflation) and financial stability (growth) in next week's meeting."

Ten of the 13 major sectoral indexes advanced with high weightage financials rising 0.3%. Information technology stocks rose over 1% with all 10 constituents logging gains. India's largest IT services provider TCS fell in the early session but recovered to gain marginally 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.

While Gopinathan's sudden resignation came as a surprise, analysts expect the transition to be smooth and well-managed. 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.

Zee Entertainment fell over 3% after company termed a media report on it repaying $10 million to IndusInd Bank to wrap up the Sony deal 'speculative'.

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

Reuters

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INDIA STOCKS-Indian shares rise on easing global banking concerns

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