Indian shares end higher in global rebound, but post weekly losses

Indian shares closed higher on Friday, following a global equity rebound driven by measures to support the banking system. The Nifty 50 index finished up 0.67% at 17,100.05, while the S&P BSE Sensex closed up 0.62% at 57,989.90. However, both indexes showed losses of almost 2% for the week, mostly due to earlier steep declines after the collapse of Silicon Valley Bank and Signature Bank. Indian bank stocks rose by over 1% on Friday. Investors are increasingly expecting the Federal Reserve to ease on rate hikes, which was at the core of the collapse of Silicon Valley Bank. Indian IT sector J.P. Morgan said that regional US banks represent around 2%-3% of revenue at TCS and Infosys, the highest in the IT sector. This means a cautious approach by the Federal Reserve will bode well for spending among these firms’ US clients.

>>Join our Facebook Group be part of community. <<