At 02:49 PM; Nifty Metal index was the top gainer among sectoral indices, up 2.2 per cent, as compared to 1 per cent rise in the Nifty 50.
Nifty Media index seen testing the 200-DMA hurdle after December 2024; that apart the index eyes breakout on the weekly scale as well. Here's a technical outlook on the index and 3 key media stocks.
Sectoral indices settled on a mixed note and the Nifty Realty emerged as top sectoral gainer
As per media sources, the US government is likely to increase tariffs on imported steel and aluminium from existing 25% to 50% starting June 4, to support domestic manufacturing of metal in the US.
Why stock markets fell today: Indian equity benchmark fell, tracking Asian markets as trade tensions flared up over the weekend with fresh steel and aluminium tariffs by the US
Banking, financial services, and insurance (BFSI), telecom, and metals saw the highest FII flows in March 2025
Of the 15 stocks in the Nifty Metal Index, five stocks, including Hindustan Copper, Nalco, Hindalco, JSL, and NMDC, hit fresh 52-week lows
This comes a day after US President Donald Trump unleashed tariffs on all trading countries, even as analysts expect the risk of recession and inflation to rise in the US
Metal stock rally: The Nifty Metal index rose as much as 1.67 per cent to hit an intraday high of 9,185.20.
Nomura has set a target price of Rs 1,220 and Rs 1,080 for JSW Steel and JSPL, respectively.
The Nifty Metal index tested the 100-Week Moving Average for the last six weeks, and seems to have defended it for now. Among stocks Tata Steel, SAIL and Hindalco can rally up to 12%, suggest charts.
In the past six months, the Nifty Metal index has underperformed the market by falling 6 per cent as against a 4 per cent decline in the benchmark index
Technical chart shows that Nifty Metal has a strong support base around the 8,000-mark; In case, the index violates the same it can slide another 15 per cent from present levels.
Steel tariff Trump news: US President Donald Trump may announce a 25-per cent tariff across all the imports of steel and aluminum as early as Monday
The Nifty Metal index was seen testing the 100-WMA (Weekly Moving Average) support for the third time in the last 4 weeks. Similarly metal stocks too are testing long-term supports; check levels here.
Adani Energy Solutions, Syngene, Jio Financial, CG Power, Persistent Systems and CAMS are the 6 derivative stocks with up to 14 per cent build-up in open positions 5 days ahead of the monthly expiry.
The Nifty Pharma Index is witnessing a bearish trend in the near term, with strong support anticipated in the range of 21,825 to 21,700
Stock Market Today: The best trading strategy at this juncture is to book profits on the rise in Nifty IT index and wait for the index to retrace towards its support levels
At 11:52 AM, 12 of the 15 stocks in the Nifty Metal Index were trading in the green, while three remained in the red
The Nifty Metal Index has been experiencing a downward trend in the near term, as indicated by the recent sharp correction.