Sensex Inches Closer to 30,000 Mark; FMCG & PSU Stocks Rally

Tue, 11 Apr Closing

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Indian share markets continued to witness buying momentum in the afternoon session and finished on a strong note. At the closing bell, the BSE Sensex stood higher by 213 points, while the NSE Nifty finished up 56 points. Meanwhile, the S&P BSE Mid Cap and the S&P BSE Small Cap finished up by 0.4% and 1% respectively. Gains were largely seen in FMCG stocks, capital goods' stocks and PSU stocks.

The Sensex is trading close to the 30,000 mark. There's growing optimism following BJP's win in the UP elections. There's growing enthusiasm in the IPO market following D-Mart's blockbuster listing. Indeed, the market sentiments at the start of FY18 appear to be quite optimistic.

Top Sensex Gainers and Losers of FY2016-17

As you can see, Maruti Suzuki came out as the top gainer from the 30 large cap stocks forming the BSE Sensex. It delivered 63% return in FY17, and was followed by Tata Steel and SBI, which rose 52% and 51%, respectively. On the other hand, Infosys fell the most, followed by Sun Pharma and Dr. Reddy's Lab.

Asian stock markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.60%, while the Hang Seng & the Nikkei 225 fell 0.72% and 0.27% respectively. European markets are mixed. The FTSE 100 is higher by 0.45%, while the DAX is leading the CAC 40 lower. They are down 0.23% and 0.11% respectively.

The rupee was trading at Rs 64.39 against the US$ in the afternoon session. Brent-oil futures moved above US$56 a barrel for the first time in a month, with prices in Asia adding to overnight gains. Oil prices are on their longest winning streak since August, as production outages in Libya and Canada add to rising concerns after last week's U.S. airstrikes in Syria.

L&T share price surged 1.8% in today's trade after the company's construction arm -- L&T Constructions has bagged orders worth US$ 817 million amounting Rs 52.5 billion from KAHRAMAA, Qatar. The Power Transmission and Distribution Business of L&T Construction has won its single largest order in the Middle East from their esteemed customer KAHRAMAA - Qatar General Electricity & Water Corporation - for its ongoing Qatar Electricity Transmission Network Expansion Plan-Phase XIII.

In another development, BHEL has bagged order of 2 MWp Roof Top SPV Systems to be installed at Diesel loco Modernization Works (DMW), Patiala and the contract agreement was signed between BHEL & IROAF (Indian Railways Organisation for Alternate Fuels). The 2 MW SPV RTS is to be installed within 9 months. It has enhanced BHEL's Roof Top SPV project portfolio to 10 MWp.

BHEL share price finished the trading day on a strong note (up 1%) on the BSE.

The government has set an ambitious target of 100 GW solar power generation capacity by 2022. It has planned 34 solar parks across 21 states. Out of this, projects aggregating 20 GW have already been allocated.

The government has even auctioned projects in these parks. But there are execution issues leading to delays in construction. Like notebandi, the ambitious solar plan looks good on paper but fails on execution.

According to a financial daily, project developers are facing issues like delays in land acquisitions, lack of access roads, lack of clean green lands, lack of a clear demarcation of land areas in these parks etc.

Moving on to news from stocks in power sector. The Supreme Court of India on Tuesday set aside an order by the Appellate Tribunal For Electricity allowing compensatory tariff to Tata Power Ltd and Adani Power Ltd, sending down shares of both companies.

The cost calculations of Tata Power and Adani Power went awry after the change in Indonesian regulations made coal exports from the country unviable. While the decline in international coal prices in recent times has brought some relief, the Mundra plants are still incurring losses. The plants account for a chunk of the companies' generation capacities and have dragged their consolidated financials into the red.

Adani Power share price slumped 16% while Tata Power share price dropped 2% on the BSE.

In news from metal sector, National Aluminum Company Ltd (Nalco) share price finished the trading day on an encouraging note (up 0.7%) after it was reported that the company is planning to ramp up its aluminum, alumina and power capacities and join the club of one million tonne aluminum producers by 2020.

In this regard, the company has lined up over Rs 200 billion investments. The company's aluminum smelter at Angul can now produce optimum of 0.46 million tonne per annum. The company is planning to put up a new pot line to its existing facilities which will boost the aluminum making capacity to over one million tonne.

Further, the company has initiated steps to augment its power generation and alumina production to support the metal capacity expansion.

And here's a note from Profit Hunter:

Let us have a look at the chart of stock in news - Adani Power.

The stock made a high of Rs 145 in September 2010. After that, it traded in a downtrend and hit a low of Rs 20 in August 2015, eroding 86% of its value.

But after the low, the stock traded up and recently broke above its six-year downtrend line confirming the strength in the counter.

Today, however, the stock crashed 16% after hitting a 52-week high of Rs 46. It fell as the Supreme Court sets aside tribunal order. This news led the stock to snap back below its six-year downtrend line. The volumes were heavy today, which should worry the bulls.

Whether the negative news will help the bears or if it's only a temporary disruption to the uptrend remains to be seen.

Adani Power Crashed 16% for the Day

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Indian Share Market Update: Top Gainers and Losers