off-the-wire

INDIA STOCKS-Indian shares set to open higher as global banking fears ease

Kitco Media
By Reuters
Published:
Updated:
Reuters
BENGALURU, March 28 (Reuters) - Indian shares are set to open higher on Tuesday, tracking a rise in global equities on easing concerns over the banking system. India's NSE stock futures listed on the Singapore exchange were up 0.27% at 17,058.50 as of 8:04 a.m. IST. The broader Asian equity indexes also advanced. Wall Street equities gained as sentiment improved after First Citizens BancShares agreed to take on deposits and loans from failed Silicon Valley Bank. Banking concerns eased temporarily in Europe also with Deutsche Bank climbing over 6% following a sharp slide on Friday after its credit default swaps rose to their highest in over four years.


The Nifty 50 snapped a two-day losing streak on Monday. While sentiment remained fragile globally, Indian lenders are likely to be resilient, analysts said. Meanwhile, foreign institutional investors (FIIs) extended their selling streak on Monday, offloading 8.91 billion rupees
($108.4 million) of equities. FIIs have sold Indian equities in 11 out of the last 12 sessions. Domestic institutional investors bought 18.09 billion rupees of equities.


Stocks to Watch:


** Paytm : Co's Paytm Wallet is now universally acceptable on all UPI QRs and online merchants. Post the Wallet interoperability guidelines on March 24, Paytm Payments Bank will get 1.1% interchange revenue when Paytm Wallet customers pay merchants acquired by other banks and payment aggregators.
** PNC Infratech : Co declared lowest bidder for highway project worth 8.19 billion rupees.
** SJVN : Co secures green financing from Japan Bank For International Cooperation of 9.15 billion rupees.
** Allcargo Logistics : Co signs share purchase agreement for acquisition of 30% stake in Ganti-Kintetsu Express for 4.07 billion rupees. ($1 = 82.1870 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann Thoppil)

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