Stock Market Today: Tata Steel, SAIL, JSPL, JSW Steel share prices gained up to slightly more than 4% in the morning trades on Wednesday.
Steel Stocks rise
Tata Steel share price that opened at ₹151.20 on the BSE on Wednesday, slightly higher than the previous days closing price of ₹149.50, continued to rise further. The Tata Steel share price rose to intraday high of ₹157.15, which translated in gains of around 4.5% for the Tata Steel share price.
SAIL or Steel Authority of India Ltd share price also after opening slightly higher at ₹116.85, compared to previous close of ₹116.05 , gained further. The SAIL share price gained up to ₹120.75 during the intraday trades and this meant rise of up to 4%.
Jindal Steel and Power Ltd or JSPL share price and JSW steel share price also gained up to 2-3% during the morning trades on Wednesday.
Tata Steel leads the rise for Nifty metal Index
Tata Steel share price led the gains for the Nifty Metal Index that also saw intraday highs of 9,085.05, which meant gains of 2.8% for the metals index. While Nifty metals index was rising led by contribution from most other metal stocks including NALCO and Hindalco Industries Ltd, that too gained up to more than 4%
Why metal Stocks are rising?
The rise in steel and other metal stocks while is attributed to positive developments on the US China Tariff talks , India also has taken a firm stand on the Tariffs imposed by the US on metal imports from India
According to a PTI report, India has proposed to impose retaliatory taxes on the United States in response to President Donald Trump’s steel and aluminum tariffs, and it has submitted this plan to the World Trade Organization (WTO).
The news reports suggest that the safeguards measures would have an impact on $7.6 billion worth of relevant product imports from India into the US, with $1.91 billion in duty revenue collected.
India as per news reports argues that the US’s actions are in violation of the 1994 General Agreement on Trade and Tariffs (GATT) and the Agreement on Safeguards (AoS) and also that India reserves the right to suspend concessions or other obligations that are substantially equivalent to the adverse effects of the measure to India’s trade
Meanwhile as India and the US are still to resolve the abovesaid issue on tariff, the positive developments in China -US trade talks is encouraging. China is the largest producer and consumer of commodities and thereby influences the international prices of commodities. Hence resolution and positive developments on US -China tariff discussions is a big positive for Steel and metal producers in India too
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
