Indian shares opened a tad higher on Monday after U.S. finance authorities announced plans to limit the fallout from the collapse of Silicon Valley Bank.
The benchmark S&P BSE Sensex was up 199 points, or 0.3 percent, at 59,333 in early trade, while the broader NSE Nifty index was up 60 points, or 0.4 percent, at 17,473.
Tech Mahindra jumped 8 percent after naming Infosys President Mohit Joshi as its next CEO and MD.
Adani Enterprises rallied more than 2 percent after the conglomerate fully prepaid “margin-linked” share-backed loans worth $2.2 billion (Rs 20,494 crore) way ahead of their maturity date.
IndusInd Bank fell over 5 percent on concerns over lower tenure extension for its CEO.
Nazara Technologies dropped 1.5 percent on news the group and its subsidiaries have deposits worth Rs. 64 crore at the collapsed Silicon Valley Bank.
Reliance Industries rose half a percent on reports that $3 billion loan with a consortium of banks is in the final stages of completion.
ICICI Bank gained 0.7 percent. The RBI has given the bank time till September 2024 to pare its stake in ICICI Lombard General Insurance to less than 30 percent.
M&M was slightly lower on reports it would sell 4.6 percent stake in automotive component supplier Mahindra CIE Automotive at a floor price of Rs. 355 per share through a block deal.
Market Analysis
Sensex, Nifty Tad Higher In Early Trade Despite Weak Global Cues
2023-03-13 04:19:54
