Financials lead Indian shares higher at open; most Adani stocks extend fall
Updates for market open
Nov 22 (Reuters) -Indian shares opened higher on Friday, led by rebound in financials after a sharp drop on Thursday, while most Adani group stocks continued theirdecline after a $27 billion drop in market value in the previous session.
The NSE Nifty 50 .NSEI rose 0.35% to 23,432.2 points, as of 9:40 a.m. IST, while the BSE Sensex .BSESN gained 0.41% to 77,489.83.
Eleven of the 13 major indexes logged gains. State-owned lenders .NIFTYPSU added 2% after a 2.7% slide onThursday andtopped the sectoral gains.
Highest weighted financials .NIFTYFIN and banks .NSEBANK added about 1% each.
On the other hand, seven of the 10 Adani group stocks logged losses at the open. Adani Power ADAN.NS fell 1%, whileAdani Energy ADAI.NS, down7%, dropped the most.
Adani Enterprises ADEL.NS and Adani Ports APSE.NS fell about 2.5%each. The two were the top losers on Nifty 50.
The group stocks extended the decline to the second sessionafter U.S. prosecutors indicted the conglomerate's billionairefounder Gautam Adani overalleged bribery and fraud. The grouphas dismissed the accusations as "baseless".
Other Asian markets opened higher on the day, tracking Wall Street's overnight gainsafter data suggested strength in the U.S. labour market. MKTS/GLOB
Among individual stocks, Tata Power TTPW.NS rose 2% after a $4.25 billiondeal with the Asian Development Bank to finance clean energy power projects.
SJVN SJVN.NS climbed 6% after signing a pact with the Rajasthan government to develop renewableenergy.
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza and Sumana Nandy
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