India Stocks: Indian shares open higher as global banking fears ease

First Citizens Bancshares (Tennessee)

28/03/2023 05:12

(Adds opening levels)
       BENGALURU, March 28 (Reuters) - Indian shares opened
higher on Tuesday, tracking a rise in global equities on easing
concerns over the banking system.
        The Nifty 50 index  .NSEI  was up 0.21% at 17,020.50 as
of 9:39 a.m. IST. The S&P BSE Sensex  .BSESN  rose 0.25% to
57,800.40. The broader Asian equity indexes also
advanced. MKTS/GLOB  
        Ten of the 13 major sectoral indexes advanced, with the
heavyweight financials  .NIFTYFIN  adding 0.3%.
  
    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 financial troubles in key U.S. and European banking
entities could be waning after the recent troubles, which is
providing some confidence to investors," Prashanth Tapse of
Mehta Equities said, referring to the measures globally to
address contagion in the sector. "The overall undertone still
remains that of cautious to negative."
    Among individuals stocks, shares of Paytm  PAYT.NS  rose
nearly 3% to a one-month high. The company's Paytm Wallet is now
universally acceptable on all UPI QRs and online merchants.
 urn:newsml:reuters.com:*:nFWN35Z0WJ
    PNC Infratech's shares advanced nearly 5% after it was
declared lowest bidder for highway project worth 8.19 billion
rupees.  urn:newsml:reuters.com:*:nFWN35Z0OO
    
($1 = 82.1870 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru; Editing by
Dhanya Ann Thoppil)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))