Metal stocks give away gains; NALCO, JSW Steel, SAIL, Tata Steel in red

India has levied a duty of between $13.07 to $173.1 per tonne on various steel products.

Jun 24, 2020 02:06 IST India Infoline News Service

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In the second half of Wednesday's trading session, the steel stocks gave away their early gains with huge sell-offs in National Aluminium, Hindalco, JSW Steel, Tata Steel and Jindal Stainless among others.

The S&P BSE Metal index kicked started the day's session on a positive note by opening at 7,660.72 and even clocking intraday high of 7,687.37 after the country imposed anti-dumping duty on its Asian neighbours like China, Vietnam and Korea.

However, the anti-dumping duty news could not retain positive sentiments of the investors in the index for long.

At around 1.57 pm, the BSE Metal index was trading at 7,496.07 down by 0.70%.

Among the top underperformers were - National Aluminium, down by 2.53% at Rs32.80 per piece, followed by JSW Steel at Rs197.40 per piece, down 2.11%, Coal India at Rs141.55 per piece, down 1.60%, SAIL at Rs32 per piece, down 1.54% and Hindalco at Rs156.65 per piece, lower by 1.04%.

Other stocks like Vedanta, Tata Steel, NMDC and Hindustan Zinc also plunged in the range of 0.29% to less than 1%.

Notably, Jindal Steel & Power stock was the sole gainer on the index trading at Rs151.50 per piece, up by 3.66%.

India has levied a duty of between $13.07 to $173.1 per tonne on various steel products like the flat-rolled product of steel, plated or coated with an alloy of Aluminium and zinc from these countries.

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