📷 Image Credits: Zee Business
In the volatile market conditions, Indian benchmark indices have been facing uncertainty and selling pressure within the last trading sessions. The BSE Sensex closed lower at 75,170.45, with NSE’s Nifty50 index also ending lower at 22,888.15 points. Amidst this backdrop, the metal and mining sector, particularly Tata Steel and Vedanta, have been under pressure due to economic slowdown and global geopolitical tensions.
Tata Steel employees in the UK are set to strike for the first time in 40 years, while Vedanta’s promoter, Vedanta Resources, may sell a 2.5% stake through a block deal worth Rs 4000 crore. Additionally, Tata Steel’s board has cleared the amalgamation of seven subsidiaries, showing consolidation efforts amidst market challenges.
Market experts have highlighted the impact of global factors like the Russia-Ukraine war on metal stocks, with concerns about a possible global recession and uncertain demand outlook from China affecting the sector. The BSE Metal index was trading lower, reflecting the weak sentiment in the industry.
On the other hand, Jindal Saw, part of the O.P. Jindal Group, has shown remarkable performance in the iron and steel sector. The stock surged by 252.49% on NSE, outperforming key indices like Nifty 500 and Nifty Metal index with gains of 34% and 53.5%, respectively, in the past year.
Jindal Saw’s recent financial results have been impressive, with a consolidated net profit of Rs 4,804 crore in Q4FY24, showing a significant YoY growth. The stock’s trading levels and indicators suggest potential upside, with Axis Securities recommending buying opportunities for investors. The company’s diversified business model and focus on strategic markets and products provide stability amid market fluctuations.
It’s important to note that the investment recommendations mentioned above are based on market analysts’ opinions and readers are advised to consult with financial advisors before making any investment decisions.
