Indian markets open in the green despite mixed cues from Asian markets – SBI, PNB, Adani Enterprises in focus

• Sensex and Nifty50 opened in the green despite mixed cues from Asian markets.
• The 30-stock index Sensex opened 55 points higher at 62,328 while the Nifty50 opened 44 points higher at 18,528.
• According to analysts at Moody’s, the Asia Pacific region is unlikely to enter into a recession in 2023.
• SBI, PNB, Adani Enterprises will be amongst the stocks in focus today.

Sensex and Nifty50 opened in the green despite mixed cues from Asian markets. On a positive note, analysts at Moody’s say that while the Asia Pacific region will face headwinds due to higher interest rates, it is unlikely to enter into a recession in 2023.

SGX Nifty, an early indicator of how the Indian market may perform, was down 0.19% on Friday morning.

The 30-stock index Sensex opened 55 points higher at 62,328 while the Nifty50 opened 44 points higher at 18,528. However, immediately after the end of the pre-opening period, both the benchmark indices slipped into the red.

On Wednesday, Sensex closed 762 points higher at a new all-time high of 62,272 while the Nifty50 ended the day 216 points up at 18,474. In the last five days, Sensex has gained 1.08% while Nifty50 has seen a rise of 0.87%.

“Indian markets are likely to open on a flat to negative note amid mixed global cues. The likely weakness comes on the back of weak Asian cues after Indian indices reached new highs in yesterday’s trading session,” said analysts at ICICI Direct.

Asian markets had a mixed day trying to process the economic data released by countries like Japan and Singapore. Japan’s Nikkei 225 fell 0.34%, Taiwan TSEC 50 Index traded 0.46% higher, Hong Kong’s Hang Seng was down 1.05%, and China’s Shanghai SE Composite Index was up 0.43%.

Brent crude oil prices edged above $85.2 per barrel on Friday morning from $84.62 during market close on Thursday as supply concerns eased due to the price cap on Russian crude oil.

The Rupee gained 22 paise to close at 81.67 against the US dollar on Thursday.

Foreign institutional investors (FII) were net buyers on Thursday, ploughing in ₹1,232 crore, while domestic institutional investors (DII) were net sellers, withdrawing ₹236 crore.

Government reportedly sees GDP growth slower than RBI’s forecast

The government reportedly sees India’s GDP growth coming in at a slower pace than RBI’s forecast, which is the latest in a series of GDP cuts.

According to a Livemint report, the Indian government has pegged GDP growth at 6.5% in the current financial year, down from the 7% projection by the Reserve Bank of India.

Earlier, ratings agency CRISIL revised its FY23 GDP growth projection to 7% from 7.3%, in line with RBI’s estimates.

Stocks to watch out for on Thursday

SBI: The bank’s board of directors will meet on November 29 to consider raising INR 10,000 crore via infrastructure bonds during the current financial year.

PNB: The bank has received approval from the government to sell its 15.22% stake in UTI Asset Management Company in single or multiple tranches, as it seeks to realise gains on investment.

Adani Enterprises: The company’s board of directors will meet today to consider raising funds via a further public offer (FPO), or a qualified institutional placement (QIP), or a combination thereof.

Indian Oil Corporation: SBI Life Insurance, HDFC Life Insurance, ICICI Prudential Life Insurance and ICICI Bank have entered into agreements to invest in the seed capital of a proposed joint venture between Indian Oil Corporation and Chennai Petroleum Corporation.

Stocks in F&O ban

Punjab National Bank has been removed from the F&O ban list today. There are no securities in F&O ban for the day.


Source: NSE, as at 10:00 a.m., November 25, 2022

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