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The Nifty Auto index increased by 1.8 per cent, owing to lower input costs due to the tax adjustments.
Digital Desk: After a tumultuous session, the Sensex and Nifty ended the day lower, pulled down by a sell-off in metal stocks following the government's imposition of high export duties on steel exports. However, gains in automobile companies helped to offset some of the losses.
At the closing, the NSE Nifty 50 index was down 0.32 per cent, or 51.45 points, at 16,214.70, and the S&P BSE Sensex was down 0.07 per cent, or 37.78 points, to 54,288.61.
The Nifty Metal index, which saw its worst day since March 2020, finished 8.1 per cent lower in the day. According to Reuters, the top losers on the Nifty 50 index were JSW Steel and Tata Steel, which fell 13.2 and 12.6 per cent, respectively.
In an effort to combat rising inflation, the government announced a series of modifications to the tax system imposed on fuel and other essential commodities on Saturday.
The country slapped a 15% export tax on eight steel products at a time when steelmakers are trying to compensate for weak domestic demand by expanding market share in Europe, where Russia's invasion of Ukraine has disrupted supplies.
The Nifty Auto index increased by 1.8 per cent, owing to lower input costs due to the tax adjustments.
The leading gainers on the Nifty 50 were Maruti Suzuki India and Mahindra & Mahindra, both up 4%.
Moreover, after their quarterly reports, Divi's Laboratories and TTK Healthcare Ltd both declined 9.5 per cent and 10.5 per cent, respectively.
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