Indian stocks open green despite mixed signals from Asian markets – SBI, PNB, Adani Corporations in focus | Rare Techy
Sensexand Nifty50 opened in the green despite mixed signals from Asian markets.
- The 30-stock index Sensex was up 55 points at 62,328 and Nifty50 was up 44 points at 18,528.
- According to Moody’s analysts, the Asia Pacific region is unlikely to enter recession in 2023.
PNB, Adani Enterpriseswill be in stock today.
Sensex and Nifty50 opened in green despite mixed signals from Asian markets. On a positive note, analysts at Moody’s say that while the Asia Pacific region will face higher interest rates, it is unlikely to enter a recession in 2023.
The 30-stock index Sensex was up 55 points at 62,328 and Nifty50 was up 44 points at 18,528. However, immediately after the end of the pre-opening period, both benchmarks fell into the red.
On Wednesday, the Sensex closed 762 points higher at an all-time high of 62,272, while the Nifty50 rose 216 points to 18,474 on the day. In the last five days, the Sensex has gained 1.08% while the Nifty50 has gained 0.87%.
“Indian stocks may open on a negative note amid mixed global cues. The possible weakness comes on the back of weak Asian cues after Indian indices hit new highs in yesterday’s trading session,” said analysts at ICICI Direct.
Asian markets had a mixed day trying to process economic data released by countries like Japan and Singapore. Japan’s Nikkei 225 fell 0.34%, Taiwan’s TSEC 50 Index rose 0.46%, Hong Kong’s Hang Seng fell 1.05%, and China’s Shanghai SE Composite Index rose 0.43%.
The rupee gained 22 paise to 81.67 against the US dollar on Thursday.
Foreign institutional investors (FIIs) were net buyers on Thursday, pouring in ₹ 1,232 crore, while domestic institutional investors (DIIs) were net sellers, withdrawing ₹ 236 crore.
The government has reported that GDP growth is slower than RBI’s forecast
The government is reportedly seeing India’s GDP growth slower than the RBI’s forecast, the latest in a series of GDP cuts.
According to a Livemint report, the Indian government has pegged the GDP growth at 6.5% in the current fiscal year, against the projection of 7% by the Reserve Bank of India.
Earlier, rating agency CRISIL revised its FY23 GDP growth forecast to 7.3% in line with RBI’s estimates.
Stocks to watch out for Thursday
SBI: The bank’s board of directors will meet on November 29 to review INR 10,000 crore through infrastructure bonds in the current financial year.
PNB: The bank has received government approval to sell its 15.22% stake in UTI Asset Management Company in one or more installments as it seeks to realize gains on the investment.
Adani Companies: The company’s board of directors will meet today to consider raising funds through a public offering (FPO), or a qualified institutional placement (QIP), or a combination thereof.
Indian Petroleum Corporation: SBI Life Insurance, HDFC Life Insurance, Prudential ICICI Life Insurance and ICICI Bank have entered into agreements to invest in the seed capital of a proposed joint venture between Oil Corporation of India and Chennai Oil Corporation.
Stocks in the F & O ban
Punjab National Bank was removed from the F&O ban list today. There is no safety in the F&O ban of the day.
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