If PSU banks are among the best performing on the bourses today, metals are the biggest drags. Tata Steel fell almost 6.5% to Rs.323.15, its lowest level in three years. JSW Steel also hit a new 52-week low today at Rs.206.40. Vedanta to slumped almost 6% to Rs.129 levels, not too far from its 52-week low of Rs.125. The BSE Metal index is down 4% and all the ten stocks covered in this index is down in the red.
The metal index is the first to swing up or down based on global or domestic uncertainties and the ante was upped once again when Trump once again rekindled the tariff war with China.
He said, “Starting on October 1st, the 250 BILLION (US) DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%. Additionally, the remaining 300 BILLION (US) DOLLARS of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%. Thank you for your attention to this matter!”
Naturally, China is expected to retaliate and this increasing war between the two biggest economies of the world has sent the jitters.