(Reuters) - Indian shares are set for a higher open on Friday, tracking a rebound in global equities after a slew of measures to support the global banking system eased worries about a crisis in the financial sector.
India's NSE stock futures listed on the Singapore exchange were up 0.73% at 17,146 as of 8:15 a.m. IST
The Nifty 50 swung between gains and losses before edging a tad higher on Thursday. Both the benchmarks snapped a five-day losing streak.
Equities in Europe and the United States advanced on Thursday on news that a large group of banks was infusing cash into U.S. lender First Republic Bank alongside a lifeline from Swiss National Bank to Credit Suisse. The developments eased concerns of a crisis in the global banking system.
Wall Street equities edged higher. The MSCI's broadest index of Asia-Pacific shares outside Japan were up 1.14%.
Investors await the U.S. Federal Reserve's policy decision on March 22, especially after worries about the global financial sector resurfaced last week. Money markets are still pricing in a 25-basis-point rate hike by the Fed.
Information technology stocks could react to the resignation of Rajesh Gopinathan, the chief executive officer of India's largest IT services provider Tata Consultancy Services (TCS) . Gopinathan, who has resigned barely a year into his second five-year term, will be succeeded by K Krithivasan.
Foreign institutional investors (FII) extended their selling streak to a sixth straight session on Thursday, when they sold a net 2.82 billion rupees ($34.2 million) of equities.
Stocks to Watch:
**TCS: The company said Rajesh Gopinathan, chief executive officer of the firm, will resign, just a year into his second five-year term. The company named K Krithivasan as CEO-designate, effective March 16.
** Glenmark Pharma: Co gets U.S. FDA nod to proceed with Phase 1/2 tests of its drug to treat advanced tumors, lymphomas.
** Zee Entertainment: Enters into a settlement agreement with Indian Performing Right Society (IPRS) to resolve all disputes and claims.
** Hindustan Aeronautics: Defence ministry approves purchase of missiles, helicopters, artillery guns and electronic warfare systems worth $8.5 billion. All orders would be placed with domestic companies.
** Voltas: Company's unit gets multiple project orders worth 17.70 billion rupees.
** Rail Vikas Nigam: Co emerges as lowest bidder for a project worth 1.12 billion rupees.
