In the Indian stock market, SHAIL jumped 6% and shared the same 4% growth in Tata Steel, JSPL:
Shares of metal companies rose to 6% on NSE on Thursday. The Indian stock market Sensex is trading at 36572.56 with an increase of 243.55 points or 0.67% and the Nifty gained 67.90 points or 0.63 percent to close at 10773.70.
In a sector update released on June 25, Edelweiss Securities said that the reduction in domestic demand for steel prices was the key. “In the past seven weeks, the initial strong internal prices have not been affected, as domestic demand is weak. There is a decrease in the price of domestic iron ore.” This is also about 30 percent less than three months ago.
At 09:42 AM, SAIL was trading more than 4% at Rs 36.85. The stock gained 6% to a high of Rs 37.45. Hindalco was up 3.7%, JSPL up 3.6%, while Hindustan Copper 3 was up over Rs 41.15 per bid.
Other components of the index such as Tata Steel, Vedanta, JSW Steel, and Nalco were in the range of 2.7 – 3.2%. Of the 15 components, 14 were trading in green and only 1 – gemstones, metals, and tubes were in negative territory.