Metal stocks take the blow as tariff war fears intensify
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Mumbai: Metal shares tumbled on Friday, emerging as the biggest losers in the day's trading, on heightened concerns that demand would take a hit if the ongoing tariff war between the US and China led to a sharp downturn. The Nifty Metal index plunged 6.6%-its worst day since the announcement of general election results in June 2024. Hindustan Copper was the top loser on the index, falling 8.9%. National Aluminium Company (Nalco), Tata Steel, Vedanta and Hindalco, all down over 8%. "The major worry for the metals sector is a global slowdown in trade post the implementation of these tariffs, which can bring down the demand for industrial goods, including metals," said Apurva Sheth, head of research at Samco Securities. Agencies Sheth said if the US enters a recession, there may be a slowdown in demand in India as well, which can hurt this sector. Live Events The US imposed tariffs of 26% on Indian imports on Tuesday.The import...