Which stocks are most exposed to a strong El Niño event?

NBFC stocks such as L&T Finance, CreditAccess Grameen, M&M Financial Services and Fusion Finance may be exposed to a strong El Niño due to rural demand and crop stress. IndusInd Bank and Federal Bank have higher agricultural lending exposure. FMCG, fertiliser, building-material and tractor stocks may also face pressure from weaker rural demand, higher food inflation and crop losses.