Markets rise as Tech Mahindra leads IT companies

Indian equities edged higher on Monday, helped by gains in heavyweight information technology stocks led by a rally in Tech Mahindra after the company appointed a new chief executive, while investors awaited inflation data later in the day.

The Nifty 50 Index was up 0.6 percent to 17,519.05, while the S&P BSE Sensex was up 0.6 percent to 59,474.30 (as of 09:25).

Indian IT services provider Tech Mahindra’s shares rose 8 percent after it appointed Mohit Joshi as chief executive officer.

Retail inflation in India likely eased to 6.35 percent in February but remained above the Reserve Bank of India’s upper threshold for the 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 the Silicon Valley bank.

Shares in Yes Bank Ltd fell 13 percent after the company said blocked shares were released on March 13 after the period under the lender’s restructuring had expired.