RPT-INDIA STOCKS-Indian shares rise as key Adani stocks surge

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BENGALURU, Jan 30 (Reuters) - Indian shares opened higher on Monday as select Adani Group companies arrested the recent slide after a short-seller attack on group companies triggered a sell-off over the previous two sessions.

The Nifty 50 index was up 0.06% at 17,614.60 as of 9:55 a.m. IST, while the S&P BSE Sensex rose 0.06% to 59,371.73.

High weightage financials recouped losses, rising 0.1%, and is on course to snap a two-day losing streak. Financials had dragged the index over the previous two sessions.

Indian equities had tumbled to a three-month low on Friday, dragged by a short-seller attack on Adani group companies, which triggered a selloff in banks.

The group faces a critical session today with the secondary share sale of the flagship Adani Enterprises seeing only 1% subscription on Friday.

Adani Enterprises and Adani Ports rose over 5% each and were the top Nifty gainers, while ACC and Ambuja Cements also advanced. Other companies Adani Wilmar, Adani Green, Adani Power, Adani Transmission and Adani Total sustained heavy selling.

Twenty-six of the Nifty 50 constituents advanced while 24 declined.

Foreign institutional investors sold 83.72 billion rupees ($1.03 billion) worth of shares over the last two sessions since Hindenburg's scathing report on the financials of Adani companies.

The rise in domestic equities is also aided by macro data from the U.S., which signalled a slide in inflation and raised hopes of a moderation in the pace of the Fed's rate hike at its policy meeting scheduled later this week.

Besides the Fed's policy meeting, investors await rate decisions from other global central banks such as the European Central Bank and the Bank of England, later this week.

Investors will also shift focus to India's Union budget on Feb. 1, with the government's fiscal consolidation path and borrowing calendar for fiscal 2024 as triggers.

($1 = 81.6450 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann Thoppil)