Indian shares eked out modest gains on Monday, reflecting gains in Europe and U.S. stock futures, as jitters in the banking sector eased.
Investor sentiment improved after authorities and regulators gave assurances that the broader financial system is sound.
First Citizens BancShares has entered into a loss-share transaction for all deposits and loans of the SVB, the U.S. Federal Deposit Insurance Corporation (FDIC) said in a statement, helping ease fears of a global banking crisis.
Separately, Deutsche Bank remains profitable and there’s no reason to doubt its future, German Chancellor Olaf Scholz said on Friday during a news conference in Brussels.
Elsewhere, the U.S. Financial Stability Oversight Council said the U.S. banking system was “sound and resilient” despite stress on some institutions.
St. Louis Federal Reserve President James Bullard said on Friday that the stress in the banking sector will abate, and the Fed needs to push interest rates higher than previously expected.
The benchmark S&P BSE Sensex ended the session up 126.76 points, or 0.22 percent, higher at 57,653.86 while the broader NSE Nifty index settled 40.65 points, or 0.24 percent, higher at 16,985.70.
Among the top gainers, Maruti Suzuki India, Divis Laboratories, Cipla, Reliance Industries and Grasim rose 1-2 percent.
Market Analysis
Sensex, Nifty End Slightly Higher On Easing Banking Concerns
2023-03-27 10:35:04
