Bengaluru: Indian shares opened higher on Friday, tracking a rebound in global equities after measures to support the global banking system eased concerns 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 was up 0.50% at 57,925.12 at 9:38 AM IST.
Domestic equities surged on Thursday following a sharp rebound in US and European markets on news that a slew of banks were pouring cash into US lender First Republic Bank, along with a lifeline from the Swiss National Bank to Credit Suisse. Was.
The development eased concerns of a crisis in the global banking system.
Eleven of the 13 major sectoral indices are up 0.8% with high weighting financials. Information technology shares rose more than 1% and nine of its 10 constituents posted gains.
India’s largest IT services provider TCS was the exception, declining 0.2% barely a year into its second five-year term following the resignation of its CEO Rajesh Gopinathan. He will be replaced by TCS veteran K Krithivasan.
In individual stocks, defense firms such as Hindustan Aeronautics, Bharat Forge, Bharat Dynamics gained after the Indian government approved purchase of equipment worth $8.5 billion from domestic firms.
Glenmark Life jumped over 4% after declaring an interim dividend of Rs 21 per share for FY23.
($1 = 82.5870 Indian Rupees)
(Reporting by Bharat Rajeswaran in Bengaluru; Editing by Dhanya N Thoppil and Janane Venkataraman)
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