NIFTY Metal down nearly 6%, with Tata Steel, Hindalco and Vedanta falling amid growth concerns post Trump's tariffs

The NIFTY Metal index plummeted nearly 6% on Friday, April 4, as all constituents were trading in the negative territory amid growth concerns after US President Donald Trump's reciprocal tariffs.

Shares of SAIL plunged 4.8%, while Hindustan Zinc descended 6.64%.

Jindal Stainless and Lloyds Metals & Energy dropped nearly 6% each.

The United States imposed an import duty of 26% on Indian goods, according to a White House document. "India, very, very tough. Very, very tough. The Prime Minister just left. He’s a great friend of mine, but I said, ‘You’re a friend of mine, but you’re not treating us right. They charge us 52%. You have to understand, we charge them almost nothing for years and years and decades, and it was only seven years ago, when I came in, that we started with China," Trump had said.

Notably, the new levies do not apply to Indian steel and aluminium exports, as they are already subject to a 25% tariff.

"Steel/aluminium articles and autos/auto parts are already subject to Section 232 tariffs," the Trump administration said.

According to market experts, the recent tariff hike on several countries could impact demand. The uncertainty over retaliatory measures by China and the European Union also added to the worries of investors.

Meanwhile, NIFTY and SENSEX are trading at a discount of 1%. NIFTY fell 1.23% to 22,963, while SENSEX shed 811 points to 75,485.

In the NIFTY50 pack, Tata Steel, Hindalco, ONGC, Tata Motors, Cipla, L&T, IndusInd Bank, Dr Reddy's, and Reliance are top laggards.

Bajaj Finance, Tata Consumer Products, HDFC Bank, Axis Bank, ICICI Bank, Shriram Finance, and Bharti Airtel are top gainers.