Steel Stocks Soar Amid Range-Bound Market

Sep 08, 2017 | 03:56 PM IST

Steel Stocks Soar

Market this Week

The Indian market has witnessed a range bound week due to on going North Korea worries. Data shows that the majority of short covering last week which ultimately kept the market on the green side. On the other side, in cash market segment, delivery based volume surged significantly which is clear long term buying indication for the investors. Steel stocks surged as Steel Ministry started inspection of steel plants individually in order improve production quality.

Movers & Shakers

Dewan Housing Finance Corporation (DHFL) surged from 500 to 563 last week. The company has launched new advertising campaign 'Aisa Desh Ho Mera' with the purpose of empowering people to own their dream home. The campaign is in association with DHFL's brand ambassador, Shah Rukh Khan.

Religare Enterprises slipped from 50 to 37 levels last week. The stock is continuously pushing its 52-week low price. Recently company suffered a cyber attack. Promoters have decreased their holdings in the company.

Key Market Drivers

Steel Ministry is about to take lead in the turnaround of Steel PSUs. Senior Ministry officials are given the responsibility of monitoring the performance of all the steel plants through on-ground visits. This recommendation has been made in order to improve production and productivity of these plants. On the global front, steel demand in China has weakened in last week, which ultimately strengthens Indian exports. In other news, SEBI is about to come with some update on Shell Companies. We are expecting SEBI to give some cushion on this issue.

Event Watch

North Korea's hydrogen bomb test is creating worries for India. So far this week, Korea's tensions were on the top of the table for most of the economies, especially India. India on the other side is hoping that China will condemn North Korea's nuclear test but North Korea is becoming a threat after gaining expertise through its nuclear and missile tests. Pakistan is pushing its shoulders hard and expanding its nuclear and missile arsenals, already overtaken India in the number of nuclear warheads. Geopolitical uncertainties are going to drive the market in coming days for sure.

Stocks to Watch

Manappuram Finance Ltd is on the upside while Bank of Baroda Ltd is on the downside.

 

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