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Sensex Nifty End Marginally Lower Major Metal Stocks Hit Lower Circuit

Sensex Nifty End Marginally Lower Major Metal Stocks Hit Lower Circuit

The 30 share Sensex shed 37.78 points or 0.07 per cent to end at 54,288.61. Its broader peer Nifty50 dipped 51.45 points or 0.32 per cent to settle at 16,214.70.

Indian equity benchmark indices erased all intraday gains in Monday’s trading session and ended marginally lower. Major steel stocks saw a massive selloff and hit the lower circuit, after the government’s decision on Saturday to impose heavy export duties on crucial steel making raw materials like iron ore and pellets.

The 30 share Sensex shed 37.78 points or 0.07 per cent to end at 54,288.61. Its broader peer Nifty50 dipped 51.45 points or 0.32 per cent to settle at 16,214.70.

“The government’s decision to impose 15 per cent export duty on steel should lead to a significant correction in domestic steel prices (8-10 per cent) given India’s dependence on exports. Increase in export duty on iron ore would mainly benefit non-integrated players. The resultant policy uncertainties would slow down growth capex and could eventually force a reversal of duties but controlling prices appears to be the top priority for now. We cut earnings and FV by 25-34 per cent across ferrous coverage,” noted Kotak Institutional Securities.

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