Indian benchmark equity indices opened higher on Friday, following their sharpest dip in over two months in the previous session, as traders modified their positions ahead of the monthly derivatives expiry.
The BSE Sensex was trading 400 points, or 0.53% higher, at 79,462.17. The Nifty50 was up 133.55 points, or 0.56%, at 24,047 about 10:05 a.m.
Domestic benchmark indices fell roughly 1.5% each on Thursday, driven down by profit-taking in IT companies after a rise and positioning adjustments ahead of the November derivatives contract expiry.
Sun Pharma, Adani Ports, M&M, Titan, Bharti Airtel, and JSW Steel were the top Sensex gainers, climbing up to 2% each. In contrast, Power Grid, TCS, Infosys, Tech Mahindra, ITC, and Tata Motors all experienced losses in early trading.
Meanwhile, Adani stocks rose up to 9% after eight bankers told Reuters that Indian institutions, including the biggest state-owned lender, State Bank of India, are reconsidering their exposure to the business.
Adani Green Energy and Adani Energy Solutions led the rally, climbing almost 9%, while Adani Power and Adani Total Gas advanced about 5%. Other Adani equities, such as Adani Enterprises, Adani Ports, Adani Wilmar, Ambuja Cement, and ACC, have opened up to 2% higher.
On the sectoral front, all indices except Nifty Realty opened higher. The Nifty Media index led the surge, rising 2.1%, while Nifty Pharma and Nifty Healthcare advanced roughly 1.5%. Nifty Bank, Auto, Financials, IT, Consumer Durables, and Oil & Gas all saw up to 0.5% gains
Global markets
Asian markets slumped on Friday, while the yen was poised for its best week in four months, as strong local inflation data prompted traders to expect a quick rate hike from the Bank of Japan.
Moreover, trading in US stocks and Treasuries was halted overnight due to the Thanksgiving holiday, leaving Asia without a lead. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3% and was down 0.5% for the week. Japan's Nikkei lost 0.7% as the currency rose following Tokyo's inflation data.
