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Forecasts indicating the prevalence of extreme heat across India are providing new opportunities for traders seeking stocks poised to outperform within an overvalued market landscape. The shares of air cooler manufacturers and power generators surged this week following a warning from the nation's weather agency about hotter-than-usual temperatures expected until the end of June. This sectoral upswing occurs against a backdrop of apprehensions regarding the broader equity indexes, which appear to be lacking momentum after a record-breaking rally.

In the upcoming months, hundreds of millions of voters are anticipated to participate in campaign rallies and cast their votes during a parliamentary election spanning several weeks, commencing in mid-April. This heightened level of activity is expected to magnify the effects of extreme weather conditions and subsequently increase the demand for products designed to alleviate heat-related discomfort.

While various sectors stand to gain, the overall market impact of the heat wave is nuanced. Risks such as water scarcity and crop damage may lead to sustained high food prices, potentially delaying the timing of a rate cut by the Reserve Bank of India. Additionally, a surge in energy demand could worsen power shortages in certain regions. Although numerous sectors may experience positive effects, the overall market repercussions of the heat wave are multifaceted. Concerns regarding water scarcity and crop damage might maintain high food prices, potentially delaying the timing of a rate cut by the Reserve Bank of India.

Furthermore, an increase in energy demand could worsen power shortages in specific regions.

Stocks of companies specialising in air conditioners, coolers, and fans promptly reacted to the weather advisory. An equally weighted group comprising eight firms engaged in manufacturing air cooling products surged by over 8 per cent during the current week. “Demand for consumer durables and white goods appliances is expected to go up, not only from metro cities but semi-urban, rural India,” said Gaurang Shah, a strategist at Geojit Financial Services Ltd.

Also Read: Cognizant Postpones Salary Hike For Eligible Employees To August 2024: Report

Sentiment

Bearish/Bullish

06.03.24 03:57

by news.abplive.com

Cryptocurrency Price Today: Bitcoin Dips Down To $63,000 After Touching All-Time...

Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, managed to cross its all-time high of $69,000 late on Tuesday. However, it fell down to the $63,000 mark soon after, which could have been caused by investors quickly selling their assets after the $69k mark was touched. Other top coins, including the likes of — Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) — saw minor gains and losses across the board. Memecoin Shiba Inu (SHIB), which was the biggest gainer yesterday, emerged as the biggest loser today, with a 24-hour dip of over 27 percent. Starknet (STRK), on the other hand, became the biggest gainer, with a 24-hour gain of nearly 30 percent.

The global crypto market cap stood at $2.36 trillion at the time of writing, registering a 24-hour dip of 6.37 percent.

Bitcoin (BTC) Price Today

Bitcoin price stood at $63,099.28, registering a 24-hour dip of 7.38 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 53 lakh.

Ethereum (ETH) Price Today

ETH price stood at $3,541.61 marking a 24-hour loss of 3.72 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 2.99 lakh.

Dogecoin (DOGE) Price Today

DOGE registered a 24-hour loss of 24.01 percent, as per CoinMarketCap data, currently priced at $0.1507. As per WazirX, Dogecoin price in India stood at Rs 12.49.