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Most steel stocks are seen moving in a narrow range next week due to likely absence of major triggers. Recent price hikes by steel majors such as JSW Steel Ltd, Steel Authority of India Ltd, and Tata Steel Ltd may sustain in spite of the low demand scenario because of the difference with the landed cost of imported steel. The prospects of a rollback in prices could emerge only if the rupee appreciates to 62-63 per dollar. The Indian currency rose to 65.24 to a dollar yesterday. Nifty yesterday ended 3.81% higher than last week at 5680.40 and the BSE Sensex also ended up 3.49% week on week at 19270.06. Markets continued their rise from Thursday on improved sentiment. The CNX Metal Index ended up 3.83% from last week at 2019.15. Value buying of Tata Steel is likely to continue next week.
JSW Steel will be bidding for Stemcor's India assets in Odisha, for which bids have to be submitted by Sep 10. Analysts reiterated their neutral view on Steel Authority of India.
Most steel stocks are seen moving in a narrow range next week due to likely absence of major triggers. Recent price hikes by steel majors such as JSW Steel Ltd, Steel Authority of India Ltd, and Tata Steel Ltd may sustain in spite of the low demand scenario because of the difference with the landed cost of imported steel. The prospects of a rollback in prices could emerge only if the rupee appreciates to 62-63 per dollar. The Indian currency rose to 65.24 to a dollar yesterday. Nifty yesterday ended 3.81% higher than last week at 5680.40 and the BSE Sensex also ended up 3.49% week on week at 19270.06. Markets continued their rise from Thursday on improved sentiment. The CNX Metal Index ended up 3.83% from last week at 2019.15. Value buying of Tata Steel is likely to continue next week.
JSW Steel will be bidding for Stemcor's India assets in Odisha, for which bids have to be submitted by Sep 10. Analysts reiterated their neutral view on Steel Authority of India.
