Sensex Opens on a Strong Note; Metal & Energy Stocks Gain the Most

Thu, 9 Nov 09:30 am

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Asian stock markets are higher today tracking the earnings season and gains in the US markets. The Shanghai Composite is up 0.07% while the Hang Seng is up 0.73%. The Nikkei 225 is trading up by 1.98%. Wall Street closed at a record high on Wednesday as videogame makers rallied and Apple's market value climbed above US$ 900 billion.

Back home, India share markets have opened the day on a strong note. The BSE Sensex is trading higher by 153 points while the NSE Nifty is trading higher by 50 points. The BSE Mid Cap index and BSE Small Cap index opened up by 1% & 0.4% respectively.

Meanwhile, all sectoral indices have opened the day in green with metal sector and energy sector leading the gains. The rupee is trading at 65.06 to the US$.

Sensex has been making new highs every day. Back in March 2016, we had predicted Sensex to touch 40,000 within a 3 to 4 year timeframe. At this pace, it seems like Sensex might get there sooner rather than later.

Interestingly, among all major indices, the Indian stock markets have given the best returns in 2017.

Global Index Returns in 2017

The current run seems to extrapolate all good news into the future and expects the ride to be smooth and consistent. But, history has shown that markets rarely work that way.

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Engineering stocks opened the day on a mixed note with AIA Engineering and Sanghvi Movers being the most active stocks in this space. As per an article in a leading financial daily, Bharat Heavy Electricals (BHEL) has bagged a major order for setting up two 765 kV substations on EPC (Engineering, Procurement & Construction) basis, in West Bengal.

Significantly, valued at over Rs 3.5 billion, this is the largest value 765kV substation project order for BHEL so far.

With this, the company has maintained its undisputed leadership in the 765 kV Power Transmission segment. The order has been placed on the company by Powergrid Medinipur-Jeerat Transmission (PMJTL), a 100% wholly owned subsidiary of Power grid.

The company's scope of work in the contract envisages constructing two large sized greenfield 3,000 MVA, 765/400 kV substations, at Medinipur and Jeerat (near Kolkata). These EHV substations will play a key role in strengthening the 765 kV system in the Eastern region (ERSS-XVIII), for delivering power to important load centres in the state of West Bengal.

Reportedly, the substations are slated to be commissioned within a schedule of 30 months. The project shall be engineered and delivered by BHEL on total turnkey basis.

The company has been contributing significantly in making the 765 kV Ultra High Capacity inter-state transmission network a reality by undertaking the commissioning of 765 kV greenfield substations across the nation on turnkey basis.

BHEL share price opened the day up by 1.2%.

Moving on to the news from textile sector. As per an article in The Economic Times, India's textiles sector is likely to touch US$ 250 billion in the next two years from the current level of US$ 150 billion.

The textile sector in India accounts for 10% of the country's manufacturing production, 5% of its GDP, and 13% of exports earnings.

As per the report, textile and apparel sector is the second largest employment provider in the country and employed nearly 51 million people directly and 68 million people indirectly in 2015-16.

However, demonetisation and the transition to GST have hit smaller players hard. The number of workers affected due to closure of cotton and man-made fibre textile units (bigger units that comprise the non-SSI segment of the industry) during 2016-17 was 4,356 on account of the closure of 18 units.

Moreover, capital goods firms are struggling as most of the downstream sectors are saddled with excess capacity and low demand.

However, as per the report, the textile and handicrafts sector has high potential for export and foreign exchange earnings for the country. Also, Vivek Kaul pointed out in his Diary that how East Asian countries have relied on typically textiles and clothing industry. Here's an excerpt of what he wrote:

• "The textiles sector has the ability to create many low-skilled jobs and that gives it a tremendous fit with India's natural competitive advantage i.e. low-skilled labour. In fact, every unit of investment in clothing generates 12 times as many jobs as that in autos and nearly 30 times that in steel."

While, it will be unfair to paint all companies in the sector with the same brush, as per Rahul Shah, co-head of Research, one should thoroughly check the financials and wealth creation abilities of such companies.

At Equitymaster, our approach of selecting safe stocks can comfortably turn few of them into multibbaggers in few years. Click here to know everything that you need to know right now about safe stocks.

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