Indian shares edged up on Monday, helped by gains in heavyweight information technology shares led by a rally in Tech Mahindra after the company named a new chief executive, while investors awaited inflation data due later in the day.
The Nifty 50 index rose 0.6 per cent to 17,519.05, while the S&P BSE Sensex gained 0.6 per cent to 59,474.30, as of 09:25 am
Shares of Indian IT services provider Tech Mahindra surged 8 per cent after being named Mohit Joshi as chief executive officer.
Retail inflation in India likely eased to 6.35 per cent in February, but stayed above the Reserve Bank of India’s upper threshold for a second straight month, a Reuters poll of 43 economists showed.
Meanwhile, US authorities on Sunday announced plans to limit the fallout from the collapse of Silicon Valley Bank.
Yes Bank Ltd shares fell 13 per cent after the company said locked-in shares had been released on March 13 after the period ended as part of the lender’s restructuring.