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 per cent at 17,071.85, while the S&P BSE Sensex rose 0.50 per cent to 57,925.12 as of 9:38 a.m. IST.
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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 per cent. Information technology stocks rose over 1 per cent and nine of its 10 constituents logged gains.
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India's largest IT services provider TCS was the exception, losing 0.2 per cent 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 per cent after declaring an interim dividend of ₹21 per share for fiscal 2023.
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