The Nifty Metal index cracked ~4% in the morning trade after the latest escalation in the Sino-American trade war.
Tata Steel dropped 6%, and is among the top losers in the metal index, followed by JSW Steel and Vedanta, which tanked 5% each. SAIL, Hindalco and Jindal Steel were down in the range of 4-4.5% respectively, also NMDC, Coal India, NALCO and Hindustan Copper were down in the range of 1-3%.
US President Donald Trump raised tariffs on about $500bn worth of Chinese goods by 5% on Friday, in response to China's imposition of as much as an extra 10% on existing tariffs against US goods worth about $75 bn.
Tata Steel dropped 6%, and is among the top losers in the metal index, followed by JSW Steel and Vedanta, which tanked 5% each. SAIL, Hindalco and Jindal Steel were down in the range of 4-4.5% respectively, also NMDC, Coal India, NALCO and Hindustan Copper were down in the range of 1-3%.
US President Donald Trump raised tariffs on about $500bn worth of Chinese goods by 5% on Friday, in response to China's imposition of as much as an extra 10% on existing tariffs against US goods worth about $75 bn.
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