SAIL, Tata Steel to Jindal Steel: These metal stocks remain firm despite Trump’s tariffs

Stock market today: Select stocks from the metal pack, mainly belonging to the steel and aluminium sectors, held their ground in the stock market trading on Thursday, April 3, as these commodities remained exempt from the latest reciprocal tariffs announced by US President Donald Trump on imports from India.

The Trump administration kept the tariffs on Indian steel and aluminum at 25% as previously announced. As a result stocks of steel and aluminium companies stood firm despite a meltdown in the broader markets.

“Steel and Aluminium stocks have remained firm despite a volatile Indian stock market. This is because US President Donald Trump left tariffs on aluminium and steel imports from India unchanged at 25% during his speech on 'Liberation Day.' So, bulls are putting weight behind stocks from the steel and aluminium segment,” said Anshul Jain, Head of Research at Lakshmishree Investment and Securities. Vedanta and Hindalco shares can be a good option for those who want to add fresh stocks to their portfolio, Jain advised.

Steel stocks - Gainers & losers

Jindal Stainless (Hisar), Tata Metalik and NMDC Steel shares were among the top gainers, rising 1-4% in trade today. Stocks like SAIL, Tata Steel and Jindal Stainless also eked out marginal gains of up to 0.50% in early trade. Vednata share price, however, lost 3% and Hindalco dropped 1.35%.

Overall, the Nifty Metal pack was trading 0.75% lower at 9,080.05.

Tariff impact on Indian markets

At the same time, benchmark indices, the Nifty 50 and the BSE Sensex, traded 0.50% lower, hurt by sweeping 26% tariffs imposed by Trump on imports from India.

“The worse-than-expected reciprocal tariffs announced by President Trump will have a negative impact on markets, globally. The biggest concern is that this will trigger retaliatory tariffs from other countries resulting in a full blown trade war, impacting global trade and global growth. Higher inflation in the US will put the Fed in a tight spot; it would be difficult for the Fed to deliver the rate cuts expected by the market in 2025. The probability of a US recession by the end of 2025 has increased. This is bad news for the global economy and markets,” said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

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