The Indian stock market experienced a notable downturn, with the BSE Sensex declining over 700 points and the Nifty50 falling below 23,350. This decline was primarily driven by significant losses in metal stocks, including JSW Steel, Tata Steel, and Hindalco, which fell between 3-4% amid concerns over newly announced U.S. tariffs on steel and aluminum imports.
In corporate developments, VA Tech Wabag’s share price surged by 10% after securing a substantial order worth Rs 3,251 crore in Saudi Arabia.
Additionally, MTNL shares rose by 10% following the cabinet’s approval of a Rs 6,000 crore package aimed at expanding its 4G services.
On the economic front, the Reserve Bank of India’s recent rate cut is anticipated to exert pressure on bank margins, while non-banking financial companies (NBFCs) are preparing for potential liquidity challenges.
In the commodities market, gold prices have increased by 0.3%, approaching record highs, as investors seek safe-haven assets in response to global trade uncertainties stemming from the new U.S. tariffs.
For investors seeking opportunities amid the current market volatility, sectors such as consumer discretionary and private banking are poised for strong performance. Analysts also highlight potential in cement, steel, and select auto stocks, citing favorable market conditions and growth prospects.
In the IPO space, Ajax Engineering’s initial public offering opened today, with a price band set at Rs 599-629 per share. The issue is entirely an offer for sale of 2.01 crore shares. Analysts recommend subscribing due to the company’s market leadership in concrete equipment.
In the precious metals market, gold prices have reached record highs, with 24-carat gold priced at ₹86,833 per 10 grams in Delhi. Silver prices have seen a slight decrease, currently at ₹102,500 per kilogram. The surge in gold prices is attributed to investors seeking safe-haven assets amid global trade uncertainties, particularly following the U.S. announcement of new tariffs on steel and aluminum imports. Silver prices have experienced minor fluctuations but remain relatively stable.
Investors are advised to monitor these developments closely and consider sector-specific strategies to navigate the current market landscape.
Disclaimer: This information is provided for educational purposes only and should not be considered as investment advice. Always consult with a certified financial advisor before making any investment decisions. Investing in financial markets involves risk, and past performance is not indicative of future results.