Metal companies shine as US exempts India from import tariffs
Shares of steel companies rose on report that the US has exempted India from tariffs on steel and aluminium, albeit with certain conditions. The report said the US will exempt a certain percentage of exports from India, which may press for a complete waiver of tariffs going ahead. Sentiment was also aided by higher base metal prices that rose on hope of strong consumption in China because of a likely stimulus package for the country's infrastructure sector.
Shares of Jindal Steel & Power, JSW Steel, Hindustan Copper, Hindustan Zinc, Hindalco Industries, National Aluminium Co, Tata Steel, MOIL, Welspun Corp, Steel Authority of India, NMDC, and Vedanta traded 0.4-4.4 percent higher. At 9.54 am, the Nifty Metal index was up 0.86 percent at 3679 points. Meanwhile, the BSE Sensex traded at 37,351.65, higher by 60.98 points, or 0.16 percent. The NSE Nifty50 below the 11,300 levels, trading at 11,289.90, up by 11 points, 0.10 percent.