Sensex, Nifty Open Higher As SVB Contagion Worries Ease

Indian shares opened higher on Friday after Credit Suisse secured a $54 billion lifeline and a consortium of banks pledged to aid First Republic Bank with a $30bn deposit, helping ease worries about the contagion from the Silicon Valley Bank meltdown.

The benchmark S&P BSE Sensex was up 330 points, or 0.6 percent, at 57,964 in early trade, while the broader NSE Nifty index was up 95 points, or 0.6 percent, at 17,080.

Among the prominent gainers, HCL Technologies, Infosys, Larsen & Toubro and HDFC Life were up around 2 percent each.

Adani Enterprises, Adani Power and Adani Wilmar climbed 1-2 percent after stock exchanges BSE and NSE removed them from short-term surveillance.

DLF jumped nearly 4 percent after saying it expects to close 2022-23 with record sales of about Rs 15,000 crore.

Rail Vikas Nigam rallied 3 percent after it emerged as the lowest bidder for the 11 KV line project worth Rs 111.85 crore.

TCS dropped half a percent after its CEO and MD Rajesh Gopinathan resigned in an unexpected move.

NTPC edged down slightly on reports that Malaysia's Petronas has offered Rs 3,800 crore ($460 million) to buy a 20 percent stake in its green energy arm.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT