Sensex Opens 100 Points Up; Power & Metal Stocks Gain the Most

Wed, 3 Jan 09:30 am

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Asian stock markets were mostly trading firm in the morning trading session tracking sizable increases seen on Wall Street overnight as the dollar remained sluggish. Shares in Hong Kong are higher today as the <>Hang Seng gains 0.33% while the Shanghai Composite is up 0.89%. Stock markets in Europe finished the previous session in red.

Meanwhile, Indian share markets have opened the day on a positive note. BSE Sensex is trading higher by 100 points and NSE Nifty is trading higher by 26 points. S&P BSE Mid Cap is trading up by 0.4% and S&P BSE Small Cap is trading up by 0.5%.

Gains are largely seen in power stocks, metal stocks and consumer durables' stocks. The rupee is trading at Rs 63.67 against the US$.

India was among the three emerging markets, which gained more than 35% in dollar terms. The other two are Hungary and South Korea.

The BSE Sensex earned a 35.1% return in the dollar terms and 28% in the local currency in 2017. However, this wasn't enough to beat the midcap and smallcap indices.

The midcap and smallcap indices saw a sharp increase of 47% and 58% respectively in 2017.

With this, the market cap to GDP ratio is close to 100%, indicating market at its peak. The sharp rally was due to huge inflows from domestic institutional investors (DIIs) and foreign institutional investors (FIIs).

India Outperforms Emerging Market Peers in 2017

https://www.equitymaster.com/5minWrapUp/charts/index.asp?date=12/30/2017&story=1&title=India-Outperforms-Emerging-Market-Peers-in-2017 <>

This is despite the sluggishness in corporate earnings thanks to the lingering effects of demonetization and GST implementation. Not to mention, uncertainties from international arena such as tensions between the US and North Korea, Middle-East geopolitics, and three fed hikes in 2017 that kept the market on tenterhooks.

In news from the economy, manufacturing activity quickened to the fastest pace in five years in December, bolstered by a sharp rise in output and new orders, according to a private sector survey.

The Nikkei India Puchasing Managers' Index registered a value of 54.7 in December, compared with 52.6 in November.

Reportedly, at the broad market group level, growth was seen across all three monitored categories (consumer, intermediate and investment). Higher order book volumes and improved underlying demand conditions reportedly contributed to greater production.

Moving on to news from engineering sector. L&T share price opened the trading day on a firm note (up 0.7%) after it was reported that the company's construction arm of L&T Construction, has won orders worth Rs 14.54 billion across various business segments.

S.N Subrahmanyan, CEO and MD L&T said that it was a significant win for the company in smart solutions space and reaffirms its credentials as a technology leader.

He further added that the company will use cutting edge technology to provide an integrated solution capable of high-end analytics in-line with the central government's plan to reduce the aggregate technical and commercial losses of state utilities.

This project is expected to be the largest such rollout program ever in a single lot in the industry.

In international market, the business has bagged a breakthrough order from the Egyptian Electricity Transmission Company for turnkey construction of the Sokhna 500/220kV Gas Insulated Substation.

Meanwhile, in power sector, NTPC share price opened 0.8% in early trade after NTPC Ltd recorded its highest ever quarterly generation of 67,781 million units in the three months ended 31 December, indicating a recovery in electricity demand.

NTPC's total installed capacity reached 51,383 MW with the commercial declaration of 4,415 MW capacity during the current financial year.

The company has also generated 912 million units from its solar and wind stations during the current financial year. This is three times its renewable generation during corresponding period of last year.

In news from automobile sector, as per an article in The Economic Times, a surging stock market, year-end stock clearance offers and improved consumer sentiment on the back of a broader economic revival pushed up sales of passenger vehicles in December.

Maruti Suzuki reported an 11.4% expansion in sales at 118,560 units in the last month of 2017, continued to be driven by compact cars and utility vehicles.

Only, Mahindra & Mahindra (M&M) was among the automobile companies that reported sales on Monday to post a drop in monthly sales. The company's volume fell 7% to 15,543 units in December.

Two-wheeler makers also seemed to have fared well with TVS Motor reporting a nearly 38% increase in sales at 247,630 units in the past month.

Meanwhile, the country's largest two-wheeler maker Hero MotoCorp reported a growth of 43% to sell 472,731 in December.

The company had sold 330,202 units in the corresponding period of the last financial year. The cumulative sales of Hero MotoCorp in the financial year 2017 (April-December 2017), increased 11% to 5,585,558 units.

With demonetisation and transition to GST behind them, industry experts expect the momentum in the market to continue through the fiscal year.

Automobile stocks opened on a mixed note with Ashok Leyland share price and TVS Motors share price leading the gains.

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