(Reuters) – Indian shares advanced in line with other Asian peers on Friday, driven by gains in energy and financials, with Yes Bank Ltd jumping nearly 14 percent after the private-sector lender named a new chief executive officer.

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, February 26, 2016. REUTERS/Shailesh Andrade/Files

The broader NSE Nifty rose 0.57 percent to10,911.7 as of 0457 GMT, while the benchmark BSE Sensex gained 0.62 percent to 36,418.67. Both indexes are set to post marginal gains for the week, their third straight weekly rise.

Broader Asian stocks rose across the board, lifted by gains in U.S. technology shares, even as concerns about a global economic slowdown persisted. Investors are awaiting key events next week, including trade talks between the United States and China.

“Even the stocks that are not doing well have not fallen much today. In general, that means the mood is quite positive,” said Jayant Manglik, president of retail distribution at Religare Broking in New Delhi, adding that the results season in India would dominate sentiment.

Yes Bank surged for a second day after the lender appointed Deutsche Bank India head Ravneet Gill as its new CEO, drawing the curtains on a long-running spat with the central bank over current chief Rana Kapoor’s tenure at the firm.

The stock led the gains on the NSE Nifty, rising as much as 13.7 percent to its highest since Oct. 17, before paring some gains to trade 5 percent higher by 0505 GMT.

Market heavyweight Reliance Industries Ltd chalked up a 1.3 percent gain, taking the oil-to-retail conglomerate’s stock to levels last seen on Sept. 28.

IT giant Tata Consultancy Services Ltd climbed 1.8 percent to an over three-week high, lifting the Nifty IT Index to its highest since Oct. 17.

ICICI Bank Ltd was the biggest drag on the index. The stock, down for its seventh straight session, fell 1.7 percent to its lowest level in three weeks.

India’s federal investigating agency filed a case of criminal conspiracy and fraud against former ICICI CEO Chanda Kochhar and her husband Deepak Kochhar.

UltraTech Cement Ltd, which reported a dip in quarterly profit on Thursday, fell 3.2 percent to its lowest since Nov. 5.

Reporting by Chris Thomas in Bengaluru; Editing by Shreejay Sinha


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