Indian stock markets are set for a positive opening on Friday, bolstered by slightly upward GIFT Nifty futures. After a challenging previous session, some investment opportunities through bargain hunting may arise. Nonetheless, investors should remain vigilant following the indictment of Adani Group founder Gautam Adani and several top executives by the U.S. Securities and Exchange Commission, linked to an alleged $265 million bribery scandal.
In Asia, stock markets are generally on the rise, benefitting from Wall Street's overnight gains and promising economic indicators from Japan and South Korea. Shares of Adani Group, which experienced a sharp fall on Thursday, will likely continue to attract considerable attention.
JSW Energy Limited is anticipated to be active in the market after announcing plans to establish a wind turbine blade manufacturing unit in Karnataka for its own use. Moreover, Afcons Infrastructure has secured a Rs 1,274 crore project from the Uttarakhand Project Development and Construction Corporation, as indicated by their Letter of Acceptance.
SJVN has entered a Memorandum of Understanding (MoU) with the Rajasthan government’s Energy Department to propel renewable energy development in the state. This includes the creation of 5 GW of pumped storage projects and 2 GW of floating solar projects.
Economically, S&P Global is scheduled to release reports on India's private sector and manufacturing activities for November. According to recent data, the HSBC India Composite PMI improved to 59.1 in October from a 10-month low of 58.3 in September. The manufacturing PMI was 57.5 in October, slightly above the earlier estimate of 57.4 and September's 56.5. Additionally, the HSBC India Services PMI was adjusted upward to 58.5 in October from an initial 57.9 estimate, following a final 57.7 reading in September.
On Thursday, Indian stocks faced a decline due to worries about mounting geopolitical tensions and the significant fall in Adani Group companies' share prices after news surfaced regarding the bribery charges against Gautam Adani and other executives. Although the market managed to recover some ground after an initial sharp drop, it closed the session weak, with substantial losses across metal, automobile, FMCG, and banking stocks.
The BSE Sensex index saw a decline, bottoming out at 76,802.73 before closing down by 422.59 points or 0.54% at 77,155.79. Meanwhile, the broader Nifty50 index dropped 168.60 points or 0.72% to finish at 23,349.90, recovering nearly 90 points from its day's low of 23,263.15.
