Shares of Hindalco and Vedanta gained up to 2% during Tuesday’s trading session amid a surge in trade volumes and an optimistic outlook among traders toward the steel sector. The Nifty Metal Index rose 1.10%, adding 114.85 points to trade at 10,582 around 10 am, compared to its previous close of 10,467.15. Among the constituents, … Read more
De-escalation in the US-China trade war sparked a strong rally in Indian metal stocks, which surged over 8% on Monday. The jump came after the world’s two largest economies agreed to significantly ease their tit-for-tat tariffs for a 90-day period. The rally was supported by a sharp uptick in global metal prices, driven by optimism … Read more
Vedanta shares plunged 7% to Rs 410 in Monday’s trade on the BSE after the US dollar reached a record peak against the Indian rupee and other global currencies. The Indian rupee weakened past Rs 87 per US dollar for the first time, following President Trump’s tariff impositions on the country’s largest trading partners, driving … Read more
Metal stocks have been on a roll lately. The Nifty Metal index has been up significantly, with gains of over 50%, in the last one year. ETMarkets spoke to Sonam Srivastava, Founder & CEO of Wright Research, to understand the factors behind the rally and more. Edited excerpts: 1. The Nifty Metal index has been … Read more
Last calendar year was a rough year for Indian metal stocks, and all the hopes that 2023 will bring some respite for the beaten-down sector are down in the doldrums as of now. In CY23, the Nifty Metal index recorded a decline of roughly 15%, making it the second worst performer, with Nifty Media leading … Read more
A benign US dollar could be good news for metals and one stock that may see a pullback due to this is Hindalco Industries. The share has a potential upside of 6% in the near term based on current momentum. Hindalco shares have underperformed not just the Nifty50 but also the Nifty Metal Index in … Read more
Mumbai: Production cuts in China, reduction in leverage, increasing profitability and a sharp correction in stock prices in the past three months make Indian steel stocks a good buy, according to analysts who recommend stocks such as Jindal Steel, JSW Steel, SAIL, and for a decent return in the mid- to long- term. The Nifty … Read more
MUMBAI: The relief rally in shares of metal companies did not last long. The Nifty Metal index succumbed to selling pressure today as investors realized that the crisis in the Chinese real estate market may not blow over just because they don’t care about Evergrande anymore. The Nifty Metal index closed nearly 2 per cent … Read more
Technical analysts expect the Nifty to touch 18,000 in the immediate term if it sustains above the 17800-17850 mark. Last week, Nifty gained 1.2% and closed at record highs on Friday. While the market is overbought, the overall trend remains positive and any declines should be used as a buying opportunity. RAHUL SHARMAHead Technical and … Read more
While trading in a narrower range, Nifty continued its bounce and ended on a positive note for the fourth consecutive week. The index went on to mark its incremental fresh lifetime high, as it continued to trend higher on reduced and decelerating momentum. The trading range remained narrow of 268 points against 359 points in … Read more