The BSE Metal index was the top performer, up 1.4 per cent; Major metal and mining related shares gained 1-2 per cent each in intra-day trades on Friday.
Technically, probability of metal stocks entering a negative trend remains negligible. A resilient bullish trend seems clearly visible in Tata Steel and Vedanta.
On April 10, 2022, the board had approved rights issue in the ratio of 2 rights equity shares for every 1 equity share as on record date at a price of Rs 10 per share.
All metal stocks have "Death Cross", and if the current rally shows sustainability, the pullback rally would see added interest, indicate charts.
The recent sell-off had made some stocks attractive, hence traders bought IT, metals and telecom stocks, says an analyst
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The move was expected to bolster infrastructure spending in the world's second-largest economy, where stringent Covid-19 lockdowns have led to a slump in demand
The metal sector also faces headwinds from an investment slowdown in China that accounts for more than half the global metal demand
Despite a 0.8 per cent fall in heavyweight Reliance, Bajaj twins, HUL, Asian Paints, Maruti, Titan, Kotak Bank and Nestle led the upmove on the Sensex, moving up to 4.8 per cent higher.
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Stock market LIVE updates: As of 7:28 AM, the SGX Nifty Futures quoted 15,881 levels, hinting an upside of 46-odd points on the Nifty50.
Interest rate hikes, however, remain a pet peeve
CLOSING BELL: Beaten down PSB, Metal, and Energy (Oil and Gas) indices rose the most in today's trade. Related indices advanced between 4 per cent and 4.5 per cent
BSE Metal Index now down 35% from 2022 highs
Global growth is projected to slowdown from an estimated 6.1% in 2021 to 3.6% in 2022. Given this, Tata Steel, Hindalco Industries, and Vedanta have shed up to 35 per cent in the past one month
CLOSING BELL: Select IT, metals, and pharma stocks helped the headline indices recover from the day's low
Host of sectors pushing up need for metals; capital outlay significant by firms, say experts
The sell-off has been triggered by the central government's decision to impose export duty on steel in a bid to thaw domestic prices
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. Shares of Jindal Steel tumbled 17.40 per cent, JSW Steel tanked 13.20 per cent and Tata Steel plunged 12.53 per cent on the BSE. Also, NMDC declined 12.44 per cent, SAIL (10.96 per cent), Hindalco Industries (3.65 per cent), APL Apollo Tubes (3.42 per cent) and Vedanta (2.77 per cent). The metal index also tanked 8.33 per cent to end at 17,655.22. Tata Steel was the biggest drag in the Sensex pack. "Volatility was hallmark of today's trade. Volatility struck benchmark Nifty as it was aiming to build on to morning gains. Blame it to Nifty metal index which dropped over 8 per cent after government hiked duty on steel products," said Prashanth Tapse, Vice President (Research), Mehta Equities Ltd. The government has waived customs duty on the import of some raw materials, including coking coal and ferronickel, used