off-the-wire

INDIA STOCKS-Indian shares open higher as Adani stocks advance

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds opening levels) By Bharath Rajeswaran BENGALURU, March 3 (Reuters) - Indian shares opened higher on Friday after U.S. investment firm GQG Partners' almost-$2 billion investment in Adani stocks helped lift sentiment and turned foreign investors into buyers after a six-session hiatus. The Nifty 50 index rose 0.76% to 17,454.40, while the S&P BSE Sensex gained 0.74% to 59,343.50 as of 9:44 a.m. IST. Twelve of the 13 major sectoral indexes advanced with high weightage financials and information technology adding 0.7% and 0.5%, respectively.


Metal index advanced 2%, aided by a 10% jump in Adani Enterprises . The flagship Adani firm has over 10% weightage in the metal index.


All the Adani stocks surged after U.S. boutique investment firm GQG Partners Inc bought shares worth $1.87 billion in four of the group companies, the first major investment in the Indian conglomerate since a short-seller's critical report sparked a stock rout. Two analysts said the investments will help investor sentiment in the Adani Group in the short term.


Broader Asian markets were also up on Friday, following a higher overnight close in Wall Street equities after Atlanta Fed President Raphael Bostic said he favoured a "slow and steady" quarter-point U.S. rate hike in the upcoming policy meeting. The MSCI's broadest index of Asia-Pacific shares outside Japan added 0.65%. Foreign institutional investors (FII) bought a net 127.71 billion rupees worth of Indian equities on Thursday, aided by investment in Adani group companies. Among individual stocks, MOIL rose over 2% after reporting a 10% jump in the production of manganese ore in February. ($1 = 82.4900 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Nivedita Bhattacharjee and Eileen Soreng)

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