Shares of air cooler makers and power generators rallied this week after the nation's weather agency warned of hotter-than-usual temperature through the end of June. The sectoral advance comes amid concerns that the broader equity indexes lack momentum following a record-breaking rally.
The coming months will also see hundreds of millions of voters attend campaign rallies and head to the polls in a parliamentary election that lasts for weeks starting midApril. Such increased activity will likely amplify the impact of extreme weather and boost demand for products to tackle heat. While several sectors may benefit, the heat wave's overall market impact is more complex.
Risks of water shortage and crop damage may keep food prices elevated, potentially pushing back the timing for the Reserve Bank of India's rate cut.
A spike in energy demand could exacerbate power shortages in some regions. Here are some sectors to watch:
Air cooling: Shares of companies that make air conditioners, coolers and fans were quick to respond to the weather warning.
An equal-weighted cohort of eight firms that make air cooling products jumped more than 8% this week.
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