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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.
Also read: Day Trading Guide for March 17, 2023
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.
Read also: Stocks that will see action on March 17, 2023
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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