Metal Stocks

In the past one month, Nifty Next 50 index was down 14%, as compared to 7% decline in the Nifty 50 index.

Metal stocks faced heavy drubbing on Monday, with Jindal Steel & Power cracking over 17 per cent, after the government imposed export duties on steel-making raw materials.

Business Standard brings you the top headlines on Monday

The government levied export duty on 11 iron and steel intermediates and key steel products.

At 10:36 am; Nifty Metal index was the top gainer among sectoral indices, up 4.4 per cent, as compared to 1.3 per cent rise in the Nifty50 index.

The metal index on the NSE has tumbled 14 per cent so far from its historic peak and continues to drift lower

Analysts are now taking note of a few developments that could lead to demand reduction; Nifty Metals Index, with 2.85% fall on Monday was the top loser among sectoral indices

The Nifty Metal index can gain another 3 per cent as long as the index maintains above 6,300-level on a closing basis.

Commodities markets from metals to oil and gas have been upended by the war in Ukraine as big corporates withdraw from Russia

Analysts expect the divergence to continue as Russia remains one of the world's top producers and exporters of energy and industrial metals.

While Nifty Metal index is just 140 points short of a new historic peak, Vedanta shares gracefully achieved it today

Russia is a major producer of industrial metals such as aluminium and nickel

Russia produces about 6 per cent of the world's aluminium and accounts for about 7 per cent of global nickel mine supplies

This government has allocated Rs 7.5 trillion towards capital expenditure, up 35.4 per cent higher compared to the previous year's figure of Rs 5.5 trillion.

Analysts underweight despite metals index's better dividend yield, lower P/E versus Sensex

PowerGrid was the top gainer in the Sensex pack, rising around 4 per cent

Benchmark BSE Sensex declined by 109 points on Tuesday due to losses in index major Reliance Industries, Tata Steel and ICICI Bank amid a muted trend in global markets.

Gold and steel related stocks are likely to hog the limelight in trades on Tuesday. The former on the account of Dhanteras, while the latter owing to hike in steel prices

Demand-supply scenario is favourable and should keep prices elevated

The Nifty Metal index surpassed its previous high of 6,079.55 on October 14, 2021.