Indian stocks could open higher; Adani Group shares remain in focus

(RTTNews) – Slightly higher GIFT Nifty futures point to a positive start for the Indian stock market on Friday. Some bargain hunting is also likely on several counters after the setback of the previous session.

However, the tone is expected to remain cautious following the indictment of Adani Group founder Gautam Adani and some other top executives by the US SEC for their alleged role in a $265 million corruption case.

Asian stocks are generally up, following gains recorded on Wall Street overnight and rather encouraging economic data from Japan and South Korea.

Adani Group shares, which fell on Thursday, will remain in focus.

JSW Energy Limited is expected to see action after the company announced plans to set up a wind turbine blade manufacturing unit in Karnataka for captive use by the company.

Afcons Infrastructure announced that it has received an acceptance letter for a project worth Rs 1,274 crore from the Uttarakhand Project Development and Construction Corporation.

SJVN announced that it has signed a Memorandum of Understanding (MoU) with the Energy Department of the Government of Rajasthan for the development of renewable energy in the state. According to the MoU, SJVN would develop 5 GW of pumped storage projects and 2 GW of floating solar projects in the state.

On the economic front, S&P Global will release reports on the private sector and manufacturing activity in India for the month of November.

The HSBC India Composite PMI stood at 59.1 in October, up from September’s 10-month low of 58.3. HSBC India Manufacturing PMI came in at 57.5 in October, compared to the flash estimate of 57.4 and following September’s reading of 56.5.

HSBC India Services PMI was revised upward to 58.5 in October, from a flash estimate of 57.9, following a final reading of 57.7 in September.

Indian stocks fell on Thursday, weighed down by growing concerns over escalating geopolitical tensions and a sell-off in shares of Adani group companies following news of the indictment of Gautam Adani and some other group executives for corruption in the United States.

The market recovered some of the lost ground after a sharp fall at the start, but still ended the day’s session on a weak note, stocks in the metallurgical, automobile, consumer goods sectors and the bank recording heavy losses.

BSE benchmark Sensex, which fell to 76,802.73 in early trade, ended with a loss of 422.59 points or 0.54 per cent at 77,155.79. The broader Nifty50 index of the National Stock Exchange closed 168.60 points or 0.72 per cent lower at 23,349.90, almost 90 points from the day’s low of 23,263.15.

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