Sensex Opens Up by 310 Points; Metal Stocks Shine

Thu, 10 Nov 09:30 am

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Asian markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 5.91% while the Hang Seng is up 1.93%. Major stock indices in Europe closed on a firm note with shares in Germany leading the region. The DAX closed up 1.56% while France's CAC 40 is up 1.49% and London's FTSE 100 is up 1.00%. The US markets closed on record high following election of Donald Trump.

Indian share markets have opened the day on positive note amid strong global cues. The BSE Sensex is trading higher by 310 points (up 1.1%) while the NSE Nifty is trading higher by 103 points (up 1.2%). The BSE Mid Cap index is trading up by 1.8% and BSE Small Cap index is trading higher by 2.3%. The rupee is trading at 66.35 to the US$.

All the sectoral indices have opened in the green with & leading the pack of gainers.

As per an article in Livemint, The Reserve Bank of India will issue new Rs 500 and Rs 2000 notes starting today. This follows the government's decision to demonetize the old Rs 500 and Rs 1000 notes in a bid to tackle black money and circulation of fake currency in the system.

Owing to this, with the increased dependence on ATMs and Banks will make life much more difficult for them as network managers deal with the logistics of disbursing adequate cash across the country. Logistics costs will likely rise as cash replenishments will need to be speeded up.

Meanwhile, the move is only the latest to hit luxury retailers already under pressure from measures such customers having to show their PAN cards for cash transactions of more than Rs 50000 and any transactions over Rs 2 lakh. Consumer goods manufacturers are bracing for a substantial hit to sales in the next six months or so, the reports noted. Further, Malls and restaurants are also feeling the pinch as customers suddenly have less money in their pocket.

Reportedly, the prices of property are already hitting the trough. It is likely to go further down since a vast majority of property in India has traditionally been bought in cash through such black money stash. And in truth, the largest impact of the government's move will be in the unorganized sector, which isn't represented in the markets. Tanushree Banerjee, Co-head of Research is of the view that scrapping the currency notes is a war on real estate prices as well. Will this mean more pain for realty companies and some banks in the near term?

Further, in our recent premium edition of The 5 Minute Wrap Up, we have discussed about the various sectors that were hit hard (Subscription Required) due to the 'surgical strike' on black money by the government and then Donald Trump's win. Read this interesting piece to help you remember the key points in such times.

Moving on to the news from stocks in steel sector. According to an article in The Economic Times, POSCO and Steel Authority of India (SAIL) have signed a Memorandum of Understanding (MoU) on technical collaboration for operational improvements and human resource development.

Reportedly, SAIL and POSCO have been in discussions to set up Finex-based integrated steel plant collaboration in R&D and energy efficient, environment friendly green technologies and waste utilization etc.

Earlier this year, a South Korean delegation led by the mayor of Pohang visited Delhi in February and met with the then union steel minister Narendra Singh Tomar to discuss various areas where the two countries can collaborate and work together in the steel sector.

In another development, SAIL posted a 20% growth in total sales during the April-October 2016 period over the corresponding period last year. While the company's domestic sales went up by 15% with improvement in both long and flat products, exports volumes rose by more than three times in the Apr- Oct 2016 period over Apr-Oct'15.

The spurt in export was backed by a conscious strategy of the company to expand its footprint in the neighboring markets. On the production front, SAIL clocked an improved output during the period under review with a 22% growth in saleable steel production compared to the same period last year.

The techno-economic parameters also registered an improvement over April-October'15 periods with 7% improvement in blast furnace productivity and 3% improvement in coke rate. The stabilization of new mills under modernization program has also contributed to the improved volumes and sales. This would strengthen company's performance at a time when there is a pick-up in activities of steel intensive sectors (Subscription Required).

SAIL's share price was Rs 52.6, up by 5.8% at the time of writing.

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