Financials power rise in Indian shares; Adani stocks cap gains

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Updates opening levels

BENGALURU, Feb 3 (Reuters) -Indian shares opened higher on Friday, aided by a rise in financials and optimism that the rate hike cycle may be near its end after global central banks hinted at inflation easing, while the ongoing rout in Adani group stock capped gains.

The Nifty 50 index .NSEI rose 0.25% to 17,655, while the S&P BSE Sensex .BSESN climbed 0.47% to 60,208.89, as of 09:52 a.m. IST.

High weightage financials .NIFTYFIN rose over 1% ahead of earnings of the country's largest lender State Bank of IndiaSBI.NS and after clarification from life insurers SBI LifeSBIL.NS and HDFC Life HDFL.NS, addressing investor concerns regarding the latest budget proposals.

Thirty-one of the Nifty 50 stocks rose with TitanTITN.NS, IndusInd BankINBK.NS, Bajaj Finance BJFN.NS, SBI Life and SBI among the top gainers.

Adani stocks declined, extendingthe ongoing selloff in the conglomerate's stocks which has caused a rout of over $100 billion in market capitalisation after the Hindenburg report on Jan. 24, keeping a check on the upbeat mood.

The National Stock Exchange hasput Adani Enterprises, Adani Ports and Ambuja Cements under an additionalsurveillance measure (ASM) framework after the recent selloff.

The rise in domestic equities is also spurred by dovish comments from global centrals banks. After the U.S. Federal Reserve acknowledged in its monetary policy meeting on Wednesday that the disinflationary process may have begun, the European Central Bank (ECB) and the Bank of England (BoE) followed suit a day later.

The Fed hikedthe key interest rate by 25basis points, while the ECB and BoEraised it by 50 bps each and signalled that the tide was turning against inflation.

The Reserve Bank of India is expected to raise the key policy repo rate by 25 bps at its policy meeting onFeb. 8, beginning the end of almost a year-long tighteningcycle.

($1 = 82.0940 Indian rupees)

Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman and Dhanya Ann Thoppil


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