The government levied export duty on 11 iron and steel intermediates and key steel products.
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
While Nifty Metal index is just 140 points short of a new historic peak, Vedanta shares gracefully achieved it today
The Nifty Metal index can clock a new high, if it manages to cross and sustain above the 6,000-mark.
Metal and mining firms expected to lead earnings growth
Analysts said the inflationary pressure seen by companies such as HUL and Nestle India have made the Street temper down its earnings growth expectations
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.
The index was quoting lower for the third straight trading day, falling 7 per cent during the period
Metal markets were roiled in selloff on concerns over Chinese steel production, global growth risks and the prospect of reduced US stimulus
Technical analysts say the market remains in an uptrend as the index has managed to find support at its 50-day moving average
Global commodity selloff drags BSE Metal index 7% during the week, most since May 2020
The uptick in metal prices augurs well for domestic metal companies as it would have a positive rub-off on their financial performance, going forward
With the latest overhang on the outlook, and after a sharp run-up, can metal stocks surprise with more returns? Tune in to learn more
With today's decline, the S&P BSE Metal index has now corrected 10 per cent from its record high level of 20,429, touched on May 11, 2021
Individually, Hindalco rose 6.2 per cent, Nalco (6 per cent), Adani Enterprises (3.4 per cent), and Welspun Corp (3 per cent)
BSE Metal up just 164% since Jan '05 against 645% rally in Sensex
Market cap of top 10 firms has risen 33% since January
The Nifty Metal index is expected to enter the territory of 4,100 after surpassing the resistance of 3,950-mark decisively
The BSE metal & mining index is up 144 per cent since the end of March 2020