In the past one month, Nifty Next 50 index was down 14%, as compared to 7% decline in the Nifty 50 index.
SAIL's consolidated revenue from operations rose 32% to Rs 30,759 cr
Charts of steel stocks signal further downside, indicating a fall up to 20 per cent in select shares; cement counters indicate a wait-and-watch approach
The government levied export duty on 11 iron and steel intermediates and key steel products.
India's top steelmakers have increased rebar and HRC (Hot Rolled Coil) price by around Rs 1,500-Rs 2,000 a tonne due to rising raw material cost, reports suggest
The Nifty Metal index can gain another 3 per cent as long as the index maintains above 6,300-level on a closing basis.
Russia produces about 6 per cent of the world's aluminium and accounts for about 7 per cent of global nickel mine supplies
Shares of Steel Authority of India (SAIL) may decline another 10 per cent
ABB, Amara Raja, Bharat Forge, Cummins, Hero MotoCorp, Hindalco, Hindustan Motors, HP Adhesives, IRB Infra, M&M, Novartis, Sun Tv, Tata Chemicals and Zomato of announce results on Thursday.
With the exception of SAIL, other PSU stocks could breakout upon any positive news in the sector
The metal index is on the verge of breakout, if crosses 5,800 mark, another 6 per cent jump is very certain.
The technical & derivative analyst from HDFC Securities recommends buying SAIL and and Hindalco