Indian shares set for muted open; Adani Group stocks in focus
Nov 27 (Reuters) -Indian shares are set for a muted start on Wednesday, with focus on Adani Group stocks amid deepening trouble at the conglomerate after the U.S. indictedits top executives over alleged bribery.
The Gift Nifty futures GIFc1 were trading at 24,264, as of 08:37 a.m. IST, indicating that the benchmark Nifty 50 .NSEI will open near Tuesday's close of 24,194.5.
Adani Group's troubles widened on Tuesday as two more credit rating agencies cut their outlook andSri Lanka said it was reviewing any potential fallout from the group'sprojects in the island nation.
India's Andhra Pradesh statewill likely suspend a power purchase deal linked to the group, Reuters reported citing sources.
Adani Group stocks have lost about $34 billion in market value since the indictmentin four sessions till Tuesdayon worries about the implications of the charges. The Group has denied the allegations, terming them "baseless".
Meanwhile, other Asian stocks were also muted, while theU.S. yields rose after Federal Reserve's policy minutes showed uncertainty over the rate cut trajectory.
Foreign institutional investors (FII) net bought Indian shares for the second session in a row on Tuesday, after snappinga record 38-session selling streak on Monday.
The Nifty 50 is about 8% below the record highs of Sept. 27, after slipping into correction earlier in the month, hurt by dull corporate earnings and foreign outflows.
Among individual stocks, power generating company NTPC NTPC.NS and NTPC Green NTPG.NS will be in focus, with the latter set for its stock market debut.
The renewable energy arm of state-owned NTPC garnered bids worth $1.83 billion for its $1.2 billion initial public offering (IPO) last week.
STOCKS TO WATCH
** IT company Wipro WIPR.NS extends partnership with automotive solutions company Marelli for additional four years.
** Siemens SIEM.NS posts rise in consolidated net profit in the September-quarter.
** The Competition Commission of India approves acquisition of personal loans portfolio of Standard Chartered Bank, India by Kotak Mahindra Bank KTKM.NS.
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sumana Nandy
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