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Nifty Metal Under Pressure Ahead of Monthly Production Data

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The NIFTY Metal Index is meant to highlight the performance and behavior of India's metals sector, which includes mining. On Tuesday's negative market, metal company stocks were under selling pressure. Heavyweights JSW Steel and Tata Steel are dragging the index lower, with the majority of the companies trading in the red to emerge as the day's biggest laggard.

 

Nifty Metal Under Pressure Ahead of Monthly Production Data

According to rumors in the media, Russia intends to levy an export tax on steel exports. Between August 1 and December 31, the country is preparing new export levies for steel, nickel, aluminum, and copper, which would cost their makers $2.3 billion.

SAIL was the worst performer, falling nearly 2%, followed by Hindalco and JSW Steel, which both fell 1.41 percent and 1.21 percent.

NALCO, Jindal Steel, and Hindustan Zinc all saw their stocks fall by more than 1%. National Aluminium Company Limited (NALCO) soared 9% higher on Monday, ahead of the release of quarterly earnings.

Vedanta, Tata Steel, and Coal India all fell roughly 1%, dragging the index down. APL Apollo, Ratnamani, Adani Enterprises, and NMDC all saw their stock prices drop by more than 0.5 percent.

In the first week of July, Indian metal businesses are expected to release their June 2021 output figures.

Read more about: nifty metal
Story first published: Tuesday, June 29, 2021, 12:41 [IST]
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