Metal, realty stocks: Weaker US dollar, no repo rate cut from RBI and poor earnings by some of the players further fuelled the downturn in the sector.
Trump tariff impact on metal realty stocks
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The shares of metal and real estate companies were under selling pressure on August 8, tracking the weakness in overall market after US President’s tariff decision.
The Nifty Metal index was down nearly 2 percent, while Nifty Realty index was down over a percent, extending losses for a fourth session.
US President Trump on August 6 doubled tariffs on India to a whopping 50 percent, the highest among its Asian peers. He cited India’s Russian oil imports as a key reason for the tariff hike. While metals have been excluded from the latest tariff hike, the already existing steep duties continue to put pressure on the stocks. Global pricing and demand pressures could further influence the sector’s performance.
Meanwhile, the Rupee has strengthened against the US dollar, after it opened 15 paise higher on August 8, overlooking Trump’s comments ruling out trade talks with India. As rupee strengthens against dollar, it becomes more expensive for foreign buyers to purchase metal from Indian companies, thus putting further pressure on shares.
Real estate companies derive majority of their revenue from domestic market, however, rising metal prices as a result of the tariffs could increase input costs, which in turn may affect their margins. Property stocks have further declined after RBI Governor Sanjay Malhotra announced the MPC’s decision to keep repo rate unchanged at 5.5 percent. The repo rate directly influence home loan interest rates, affecting EMIs and loan costs, hence, a rate pause may dampen sentiment. Weak earnings by some of the key players too has put pressure on the shares.
Jindal Stainless Steel was the top loser on the Nifty Metal index, dropping nearly 5 percent, Adani Enterprises shares fell more than 3 percent, while JSW Steel and Jindal Steel & Power shares fell nearly 2 percent each. Hindustan Copper and SAIL shares were down over a percent each.
Vedanta, National Aluminium Company (NALCO) and Tata Steel shares were down nearly a percent while APL Apollo Tubes, NMDC and Hind Zinc shares were in the red with marginal losses.
Sobha and Godrej Properties shares were the top losers on the Nifty Realty index, dropping nearly 3 percent each. Phoenix Mills and Oberoi Realty shares fell nearly 2 percent each, while Prestige Estates, Anant Raj and Raymond shares dropped more than 1 percent each.
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Macrotech Developers (Lodha), DLF and Brigade Enterprises shares were down up to 1 percent.
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