Metal stocks saw a sharp downturn Tuesday with the Nifty Metal Index falling 3.2 percent.
The decline came amid falling commodity prices, concerns over a domestic economic slowdown, and expectations of US Federal Reserve rate hikes.
Vedanta led the losses among metal companies.
Analysts recommended a cautious wait-and-watch approach before re-entering the sector.
Indian stock markets recorded their steepest single-day decline in nearly a month. The drop followed a worldwide selloff in technology shares and concerns over possible US interest rate moves.
Reported by AI
Aluminium stocks fell as much as 5 percent on Tuesday after an interim agreement between the US and Iran reduced concerns over supply disruptions. The development is expected to lead to lower prices and renewed imports.
Indian stock indices surged more than 1% on Monday, recovering from early losses. The rebound was fueled by a proposed ceasefire in West Asia and stable crude oil prices. The Nifty closed at 22,968.25, while the Sensex ended at 74,106.85.
Reported by AI
Benchmark indices Nifty and Sensex climbed over 0.9% and 1% respectively on Tuesday, amid short covering in anticipation of US-Iran peace talks following the recent ceasefire. Foreign institutional investor selling also eased, supporting the rebound.
Indian stock markets surged more than 2 percent on Friday amid expectations of a diplomatic breakthrough between the US and Iran.
Reported by AI
Asian markets fell with technology shares under renewed pressure after US strikes on Iran. Crude oil prices increased amid heightened Middle East tensions. Investors are monitoring upcoming US inflation data for clues on Federal Reserve interest rate moves.