"With no material improvement in China s demand recovery - and hence inventory levels and spreads in India - we expect the industry to continue to underperform in 2024," said Morgan Stanley s analyst Rahul Gupta in a note to clients.
Steel stocks Tata Steel, Jindal Staineless, SAIL, Kalyani Steel, Kalyani Forge, etc gained in the range of 1-5 per cent today morning even as the broader market saw heavy selling pressure.
Nifty Metal was down 4.38 per cent, dragged by 5-7 per cent drop in Vedanta, NMDC, Tata Steel, JSW Steel and Jindal Steel. SAIL, Hindalco, National Aluminium and Hindustan Zinc were other top losers.