The metal index reacted negatively as credit rating agencies downgraded most of the major steel companies such as Tata Steel, SAIL and JSW Steel.
Fitch argued, positive impact of a safeguard duty on steel prices may be offset by the negative influencing factor such as lack of demand. Apart from that, the steel players were not happy with the 25 bps policy rate cut, as per the stock market experts.
The S&P BSE Metal index decreased 211.0 points (2.81%) to close at 7,300.07 on April 5 from the previous closing of 7,511.07. The highs and lows on April 5 were 7,485.61 and 7281.63 respectively.
Global markets such as CAC, DAX and FTSE and the domestic index, the Sensex, all were down 2%.
The Sensex decreased 516.06 points (2.03%) to close at 24,883.59.
On April 5, each and every stock on the S&P BSE Metal closed in the red. The maximum loss was registered by Jindal Steel, with the stock decreasing -5.13% to close at Rs 60.1.
Movement of S&P BSE Metal over the last one year:
Price movement of stocks on S&P BSE Metal on April 5:
Company Name |
Industry |
Last |
Change |
%Chg |
Mkt Cap |
|
|
Price |
|
|
(Rs cr) |
Coal India |
Mining & Minerals |
276.1 |
-9.3 |
-3.26 |
174394.82 |
Hind Zinc |
Metals - Non Ferrous |
187.05 |
-1.2 |
-0.64 |
79034.59 |
Hindalco |
Aluminium |
84.9 |
-4.2 |
-4.71 |
17531.73 |
Jindal Steel |
Steel - Sponge Iron |
60.1 |
-3.25 |
-5.13 |
5498.57 |
JSW Steel |
Steel - Large |
1252.9 |
-6.75 |
-0.54 |
30285.35 |
NALCO |
Aluminium |
38.15 |
-1.25 |
-3.17 |
9832.16 |
NMDC |
Mining & Minerals |
97.75 |
-0.65 |
-0.66 |
38755.1 |
SAIL |
Steel - Large |
42.45 |
-1.25 |
-2.86 |
17534.08 |
Tata Steel |
Steel - Large |
312.1 |
-8.1 |
-2.53 |
30311.63 |
Vedanta |
Mining & Minerals |
85.85 |
-4.75 |
-5.24 |
25451.9 |