Modestly higher GIFT Nifty futures point to a positive start for the Indian stock market on Friday. Some bargain hunting is likely as well at several counters after the setback in the previous session.
However, the undertone is likely to remain cautious following the indictment of Adani Group founder Gautam Adani and a few other top executives by the U.S. SEC for their alleged role in a $265 million bribery case.
Asian stocks are broadly higher, tracking overnight gains on Wall Street, and on fairly encouraing economic data from Japan and South Korea.
Adani Group shares, which tumbled on Thursday, will remain in focus.
JSW Energy Limited is likely to see some action after the company said that it is planning to set up a wind turbine blade manufacturing unit in Karnataka for captive usage by the company.
Afcons Infrastructure announced that it has received a Letter of Acceptance 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 Rajasthan government 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 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. The HSBC India Manufacturing PMI stood at 57.5 in October, compared with the flash estimate of 57.4 and after September’s reading of 56.5.
The HSBC India Services PMI was revised higher to 58.5 in October from a flash estimate of 57.9, following a final reading of 57.7 in September
Indian stocks tumbled on Thursday, weighed down by rising concerns about escalating geopolitical tensions, and a sell-off in Adani Group companies’ shares following news about the indictment of Gautam Adani and a few other executives of the group on bribery charges in the U.S.
The market recovered some lost ground after a sharp early plunge, but still ended the day’s session on a weak note, with stocks from metal, automobile, FMCG and banking sectors registering sharp losses.
The BSE benchmark Sensex, which dropped to 76,802.73 in early trades, settled with a loss of 422.59 points or 0.54% at 77,155.79. The broader Nifty50 index of the National Stock Exchange closed down 168.60 points or 0.72% at 23,349.90, nearly 90 points off the day’s low of 23,263.15.
Indian Shares May Open Higher; Adani Group Shares Remain In Focus
2024-11-22 03:12:02
