Latest news with #NiftyMetal
Mint
an hour ago
- Business
- Mint
JSW Steel, Vedanta, Tata Steel and other metal stocks drop up to 2% as Trump doubles tariffs to 50%
Indian metal stocks started June on a sombre note, with the Nifty Metal index declining 1.6% in early trade on Monday, June 2. Fourteen out of fifteen constituents opened in the red, trading with cuts of up to 2%. Lloyds Metals & Energy, JSW Steel, Welspun Corp, Vedanta, Tata Steel and Steel Authority of India emerged as the top laggards. While it's not just metal counters facing selling pressure on Dalal Street today, the red wave swept across the board as global trade tensions resurfaced, triggering risk-off sentiment among investors. US President Donald Trump last week intensified trade tensions, announcing he would double tariffs on steel and aluminum imports and accusing China of violating a prior agreement to ease tariffs. Speaking at a rally in Pennsylvania, Trump said the US would raise steel tariffs from 25% to 50% starting next week while highlighting the partnership between Japan's Nippon Steel and US Steel. Later, taking to his Truth Social account, Trump wrote, 'It is my great honor to raise the tariffs on steel and aluminium from 25% to 50%, effective Wednesday, June 4th. Our steel and aluminum industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers. MAKE AMERICA GREAT AGAIN!' The announcement comes amid an ongoing legal battle over the legality of some of Trump's tariff policies. An appeals court has allowed the case to proceed after the Court of International Trade ordered a halt to the taxes. Trump accused China of violating a tariff truce reached in early May—a claim Beijing rejected, countering with accusations of US wrongdoing. China, the world's largest steel producer and exporter, has seen its steel exports to the US decline significantly since the 25% tariff was imposed in 2018. While India's exports of steel and aluminium to the US are limited, the drop in metal stocks occurred amid growing concerns that a potential rise in tariffs could impact global metal demand. A call between Trump and Chinese President Xi Jinping is expected later this week in a possible effort to ease trade tensions. On the economic front, Chinese factory activity data contracted at a slower pace in May than the month prior, also aiding the selling pressure in metal stocks today. As tariff headlines once again dominate global markets, Asian indices opened in the red on Monday, with the Nifty 50 and Sensex falling nearly 1% in early trade. Rising geopolitical tensions between Ukraine and Russia also pushed investors toward safe-haven assets, leading to a sharp decline in equities. According to Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the market structure currently supports a continuation of the ongoing consolidation phase. He noted that global headwinds—particularly renewed tariff concerns—are likely to restrain any breakout rally. However, strong domestic tailwinds may offer support at lower levels. He added that the recent announcement of 50% tariffs on steel and aluminium by President Trump signals ongoing uncertainty in the global trade environment, which may act as a significant headwind for markets. On the domestic front, however, factors such as better-than-expected Q4 GDP growth at 7.4%, improving trends in consumption and capital expenditure, low inflation, and the prospect of continued rate cuts present a solid foundation for sustained economic growth in FY26. The only near-term challenge, he pointed out, is weak earnings growth. If leading indicators begin to reflect a recovery, the market has a strong chance of breaking out of its current range and moving higher. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Indian Express
2 hours ago
- Business
- Indian Express
Sensex tanks 762 points, Nifty down by 0.82% amid Trump's move to double tariffs on steel, aluminium
Benchmark stock indices Sensex and Nifty declined in early trade Monday, following weak trends in Asian markets and renewed global trade concerns after US President Donald Trump threatened to double tariffs on imported steel and aluminium to 50% from June 4. The BSE's 30-share Sensex lost 762.24 points to 80,688.77, while Nifty 50 dipped from 212.25 points to 24,538.45. From the Sensex firms, HDFC Bank, HCL Tech, Reliance Industries, Infosys, Tech Mahindra, Bajaj Finance, Larsen & Toubro, Titan, Tata Consultancy Services and Tata Steel were among the biggest laggards. According to Reuters, Nifty Metal index dropped 1.4%, leading losses. IT companies, heavily exposed to the US market, fell 1.25%, adding to the drag. In Asian markets — South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng were trading lower.
Business Upturn
2 hours ago
- Business
- Business Upturn
Steel shares fall after Trump doubles US tariffs: JSW Steel down 1.29%, Tata Steel down 0.98%, SAIL down 1.20%, Jindal Steel down 0.57%
By Aditya Bhagchandani Published on June 2, 2025, 09:28 IST Shares of leading Indian steel manufacturers came under pressure on Monday, June 2, after former US President Donald Trump announced a significant hike in import tariffs on steel and aluminium. The Nifty Metal index fell 0.87% to 9,113.65. Among major losers: JSW Steel declined 1.29% to ₹980.65 Tata Steel slipped 0.98% to ₹159.44 SAIL (Steel Authority of India) dropped 1.20% to ₹127.63 Jindal Steel & Power was down 0.57% at ₹943.45 The pressure came after Trump, during a speech in Pennsylvania, vowed to double existing tariffs on steel and aluminium to 50%. In a later post on Truth Social, he confirmed the hike would come into effect on June 4 under Section 232 of the US Trade Expansion Act, citing national security risks. India exported $4.56 billion worth of steel and aluminium products to the US in FY25, including $3.1 billion in value-added steel articles. The US is a key market for Indian steelmakers due to its high consumption and favorable pricing environment. Experts believe the tariff hike could directly impact Indian exporters and potentially lead to trade diversion. Industry leaders, including those from JSW Steel and AMNS India, have called for proactive trade measures to protect domestic interests amid the shifting global landscape. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Standard
3 days ago
- Business
- Business Standard
Quick Wrap: Nifty PSU Bank Index gains 2.88%
Nifty PSU Bank index ended up 2.88% at 6976 today. The index has gained 7.00% over last one month. Among the constituents, Bank of Maharashtra rose 5.86%, UCO Bank added 5.66% and Indian Overseas Bank jumped 5.48%. The Nifty PSU Bank index has fallen 4.00% over last one year compared to the 10.06% increase in benchmark Nifty 50 index. In other indices, Nifty Metal index has dropped 1.69% and Nifty IT index has dropped 1.15% on the day. In broad markets, the Nifty 50 has slid 0.33% to close at 24750.7 while the SENSEX has slid 0.22% to close at 81451.01 today.
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Business Standard
3 days ago
- Business
- Business Standard
Sensex down 182, Nifty at 24,751 as US tariffs keep investors cautious
After a flat opening, Indian equity benchmark indices remained under pressure on Friday, weighed down by weak global cues as investors remained cautious after the temporary reinstatement of US tariffs. After hitting intraday low of 81,286.46, the Sensex settled at 81,451, down by 182 points or 0.22 per cent. The Nifty50 closed at 24,750.1 levels, down by 82.90 points or 0.33 per cent. However, the broader markets settled flat with a negative bias. The NSE Midcap 100 index fell 0.06 per cent lower, while the NSE Smallcap 100 fell 0.03 per cent. Vinod Nair, head of research at Geojit Investments, said, a range-bound movement continued in the market, with the temporary reinstatement of US tariffs by the appeal court influencing investors to stay sidelined. The global market may contend with macroeconomic concerns as the global trade landscape has yet to see stability, which may navigate a short-term consolidation. "Meanwhile, FII inflows continued due to the volatility in the US 10-year yield and an expectation of solid domestic Q4 GDP data later today and a rate cut by RBI," he added. Barring Nifty PSU Bank, all other sectoral indices ended in red, with Nifty Metal and Nifty IT emerging as the top losers. Nifty Metal was the top sectoral loser, down by 1.69 per cent, pulled by fall in Jindal Stainless (4.09 per cent), Vedanta (4.36 per cent), Hindalco (2.5 per cent), Jindal Steel (2.46 per cent), and Hindustan Copper down 1.72 per cent. From the Sensex constituents, 25 out of 30 stocks settled lower, falling up to 2 per cent. The top laggards included HCL Tech (1.95 per cent), Tech Mahindra (1.73 per cent), Infosys (1.54 per cent), Asian Paints (1.53 per cent), NTPC (1.53 per cent) and Sun Pharma down 1.4 per cent. Among the gainers were Eternal, State Bank of India, HDFC Bank, L&T and Bajaj Finserv. According to Ajit Mishra, senior vice president for research at Religare Broking markets began the June expiry on a muted note and ended marginally lower, continuing the ongoing consolidation phase. Participants are now awaiting a fresh trigger to break the consolidation and resume the broader trend. In the meantime, one should align their trades with sectoral trends and themes that are attracting noticeable interest. "We recommend maintaining a 'buy on dips' approach, unless the Nifty decisively breaks below its first line of defense—the 20-day exponential moving average (DEMA), currently around the 24,600 level. A breach of this level could increase pressure and extend the current consolidation phase," Mishra said.
