Vedanta, Tata Steel, and Hindalco Among Worst Hit as BSE Metal Index Sinks Over 6%
New Delhi, April 4 — Indian metal stocks came under intense selling pressure on Thursday, with Vedanta leading the decline, falling over 8%, after former US President Donald Trump's aggressive reciprocal tariff announcement stoked fears of a global trade war.Vedanta shares nosedived 8.45% to close at ₹402.40 on the BSE, while Tata Steel slumped 7.78% to ₹141.70. Other major losers included National Aluminium Company (down 7.38% to ₹159.90), Hindalco Industries (down 7.16% to ₹606), and NMDC (down 7.05% to ₹65.53).
The broader metal sector was hit hard, with the BSE Metal Index plunging 1,849.98 points or 6.09% to settle at 28,525.57. The benchmark BSE Sensex also declined sharply, dropping 804.28 points or 1.05% to 75,491.08 during mid-session trade.
Broader Sell-Off Across Metal Sector
Other significant declines were seen in:- Jindal Stainless, which fell 7.02% to ₹553.05
- Hindustan Zinc, down 7.01% to ₹427.20
- Steel Authority of India Ltd (SAIL), dropped 5.32% to ₹112.15
- Jindal Steel & Power, down 5.59% to ₹854.35
- JSW Steel, which dipped 3.59% to ₹1,005.50
Market Sentiment Dampened by Steep Tariffs
The sharp sell-off was triggered by Trump's newly announced 26% reciprocal tariffs on India, citing high Indian import duties on American goods. The move follows last month’s US proposal of 25% tariffs on all steel and aluminium imports, intensifying global trade tensions.Amar Ambani, Executive Director at Yes Securities, explained the broader implications:
Rising Recession Fears
Analysts believe the new tariffs could weigh heavily on global growth, particularly by denting export-dependent sectors like metals. The market is already reacting to the possibility of a slowdown, with fears that escalating protectionist measures could push major economies closer to a recession.
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