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Business News/ Markets / Stock Markets/  Election Results 2024: Metal Index crashes 10%: NALCO, SAIL, NMDC Hindustan Copper share price dip up to 19%
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Election Results 2024: Metal Index crashes 10%: NALCO, SAIL, NMDC Hindustan Copper share price dip up to 19%

Election Results 2024:Nifty Metal Index tumbled more than10% during the intraday trades on Tuesday. The fall was led by decline in share prices of NALCO, SAIL, NMDC, Hindustan Copper that dipped up to 19%.

Election Results 2024: Metal Index tumbles 10%: NALCO, SAIL, NMDC down up to 19%Premium
Election Results 2024: Metal Index tumbles 10%: NALCO, SAIL, NMDC down up to 19%

Election Results 2024: The Nifty Metal index crashed more than 10% during the intraday traded on Tuesday. The stocks as NALCO, SAIL, NMDC Hindustan Copper share price fell 15-19% during the intraday trades leading to the fall in index.

The Public Sector undertaking as National Aluminium Company (NALCO) , Steel Authority of India Ltd (SAIL), NMDC Hindustan Copper led the fall in the Nifty index. The Investor confidence that had remained high on public Sector undertaking as Nalco, SAIL, NMDC and Hindustan copper however got impacted with ruling Bhartiya Janta Party led National Democratic alliance not receiving the mandate as per expectations in the Lok Sabha 2024 elections as indicated by the early trends.

Also Read- Multibagger PSU stocks including PFC, REC, RVNL fall up to 25%; Nifty PSE index hits 2-month low

The other metal companies as Tata Steel, Jindal Steel and Power, JSW Steel, Hindalco Industries Vedanta Ltd , Hindustan Zinc Ltd share prices also saw sharp 6-9% fall and were not much behind the Public sector pack.

The confidence on steel demand has remained strong in the country led by government led infrastructure spending and hence the Lok Sabha Election results outcome not meeting expectations meant that the investor sentiments were bound to get hurt, said an analyst at a domestic broking.

The APL Apollo Limited share price also corrected more than 5%.

Also Read- Election Results 2024: Nifty Oil & Gas index cracks 13%; GAIL, Oil India, ONGC, HPCL share prices decline 15-25%, RIL 9%

Even though analysts remain positive on metal stocks but looking at the volatility in the equity market till government formation is complete, they remain watchful. The other factor to be watched for is the China demand, that also is expected to remain strong. China remains the largest producer and consumer of the commodities and stronger China demand can push up international steel prices too. The same is positive for Tata Steel, Jindal Steel and Power, JSW Steel, SAIL an even NMDC share prices

 

Notably the Base metals as Aluminium , Copper Zinc and others ave seen good up tick in the prices on the London Metal Exchange which is positive for Hindalco Industries Vedanta Ltd , Hindustan Zinc Ltd , Nalco share prices.

Also Read- HUL shares gain 4%, FMCG stocks trading in green while market crashes

The Aluminum prices that were close to $2100 a tonne in January have gained and are at $2600 a tonne levels now. Copper Prices too that were around $8000 a tonne in February are above $10,000 a tonne level. Zinc also has seen its prices on the LME rise from sub $2300 a tonne levels in February to more than $2900 a tonne levels now. All this bodes well for Hindalco Industries Vedanta Ltd , Hindustan Zinc Ltd and even Nalco share prices.

Notably Satish Pai, Managing Director, Hindalco Industries and Anil Agarwal, founder and Chairman of Vedanta group have recently said that they expect Aluminium demand to remain strong in the country.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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ABOUT THE AUTHOR
Ujjval Jauhari
Ujjval Jauhari is a deputy editor at Mint, with over a decade of experience in newspapers and digital news platforms. He is skilled in storytelling, reporting, analysing and writing about stocks, investment ideas, markets, corporates and more. He is based in New Delhi.
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Published: 04 Jun 2024, 03:21 PM IST
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