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Metal and Realty Stocks Shine
Wed, 30 Mar Closing

The Indian indices flourished in the green today amid strong international markets. At the closing bell, the BSE Sensex closed higher by 438 points, while the NSE Nifty finished higher by 138 points. The S&P BSE Midcap and the S&P BSE Small Cap too gathered steam and closed up by 1.8% and 1.9% respectively. Gains were largely seen in realty, banking and metal stocks.

Shares in the Asia finished mostly up, after the U.S. Federal Reserve signaled a slow pace on raising interest rates. The Shanghai Composite gained 2.77% and the Hang Seng rose 2.15%. The Nikkei 225 lost 1.31%. European markets are sharply higher today with shares in France leading the region. The CAC 40 is up 1.65% while London's FTSE 100 is up 1.51% and Germany's DAX is up 1.49%.

Oil prices were trading at US$38.91 a barrel at the time of writing. The rupee was trading at 66.41 against the US$.

Shares of Bharat Heavy Electricals (BHEL) surged more than 3% in intraday trading today after it was reported that the company has achieved one more milestone by successful commissioning a 250 MW coal-based thermal power plant (TPP) in Bihar. The 250 MW unit has been commissioned at the upcoming, greenfield 1,000 MW Nabinagar Thermal Power Project (4x250 MW), being set up by Bhartiya Rail Bijlee Company (BRBCL), a joint venture of NTPC and the Indian Railways.

This is the first 250 MW unit to be commissioned at Nabinagar TPP, located at Nabinagar in Aurangabad district of Bihar. Execution of the other three units is also in progress. BHEL has a long-standing partnership with NTPC and has supplied over 30,000 MW of the coal-based power plants of NTPC and its JVs that account for around 80% of NTPC's coal-based installed capacity.

Notably, the 200-270 MW rating class sets supplied by BHEL, today form the backbone of the Indian power sector and have been performing much above national as well as international benchmarks. Meanwhile, the company reported 14% YoY decline in sales, and a loss of Rs 11 billion (Subscription required) during the third quarter of the financial year 2015-2016.

Major companies from the capital goods space have seen their stocks move up quite sharply in the last few weeks. In this short span of time since the budget, many of these have gone up by 15% to 18%.

Automobile stocks finished on a firm note with Tata Motors and Tata Motors DVR Leading the gains. According to a leading financial daily, Ashok Leyland bagged orders worth Rs 8 billion from the Indian armed forces. The company will supply advanced-technology products-450 units of Field Artillery Tractor (FAT) 6x6 and other similar Super Stallion vehicles; and 825 units of Ambulance 4x4.

The orders for Field Artillery Tractor (FAT) 6x6 and Ambulance 4x4 are in keeping with the momentum witnessed recently in the area of up gradation of technology and resources by the defense forces. The company's products also include buses, trucks, engines & special vehicles.

The stock price of Ashok Leyland finished the trading day on an encouraging note (up 1.4%) on the BSE. Ashok Leyland has seen its stock go up an impressive 30% in the past one year. Ashok Leyland is a very strong player in the medium and heavy commercial vehicles (MHCV) space. In our recent edition of The 5 Minute WrapUp Premium, we have discussed the performance of Ashok Leyland (Subscription Required).

And here's an update from our friends at Daily Profit Hunter...

Nifty opened with a gap up of more than 50 points today and capitalised on this as the day progressed. It managed a stupendous rally of 140 points today and ended near the day's high. This would seem like a positive sign for the bulls. However one should not overlook the fact that Nifty was down by a total of 120 points in the first two days of this week. Thus, the index has just recovered what it had lost.

A reading of the charts suggests that there is a chance the markets may be range bound in the range of 7,600 - 7,800. But given that RBI could be making interest rate movesin the near future, one needs to watch carefully whether this band holds.

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Jan 22, 2018 (Close)