India’s Hot Summer Creates Winners in Its Pricey Stock Market
- Shares of makers of air coolers, power generators have rallied
- India has forecast longer-than-usual heat waves in many areas
Shares of companies that make air conditioners, coolers and fans were quick to respond to the weather warning.
Photographer: Anindito Mukherjee/BloombergThis article is for subscribers only.
Predictions of scorching heat across India are giving fresh fodder to traders as they hunt for stocks that can outperform in an overvalued market.
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.