Stocks such as Vedanta Ltd, Hindustan Copper Ltd, Hindustan Zinc Ltd, Steel Authority of India Ltd (SAIL), Tata Steel Ltd and JSW Steel posting sharp declines.
Any reduction in the 2.5 per cent basic customs duty on coking coal may reduce cost of production for steel players such as Tata Steel, Jindal Steel, JSW Steel and SAIL.
Axis Securities said that JSW Steel is in a strong uptrend across all time frames, forming a series of higher tops and bottoms indicating positive bias.
At Business Today TV's 'What's Hot', spotlights a high-impact week led by the India-EU FTA signing - called the 'mother of all deals' by Commerce Minister Piyush Goyal. The EU, accounting for 17% of India's exports and $136 billion in bilateral goods trade, could add $3-5 billion to shipments. Key beneficiaries include textiles, electronics, petroleum, pharma, gems & jewellery, and IT services via tariff cuts. Luxury cars (BMW, Mercedes, Audi, Volvo) may see duties fall from 110% to 40% initially, eventually 10%. Full benefits await ratification and details over 6-12 months. The show also analyzes Q3 earnings from Axis, Kotak, IndusInd banks, Ultratech, JSW Steel, Urban Company, and Adani Group's Embraer aircraft manufacturing MOU boosting group stocks.
Nomura upped it target on JSW Steel to Rs 1,340 from Rs 1,300 earlier. It suggested a target of Rs 215 on Tata Steel and Rs 1,150 on Jindal Steel.
On the metals space, Kant said, "Metals are witnessing quite a healthy upside traction." He pointed out that JSW Steel delivered a strong performance, supported by capacity expansion plans and operational efficiency initiatives.
Stocks including HDFC Bank, Amagi Media Labs, HCL Technologies, United Spirits, Tata Steel, AU Small Finance Bank, Power Grid and more will be in the spotlight on Wednesday, January 21.
Private banking heavyweight Kotak Mahindra Bank and cement major UltraTech Cement would post their Q3 earnings on Saturday.
JSW Steel and Tata Steel are expected to outperform. The brokerage attributed this resilience to a superior sales mix, cost control measures, operational efficiency, and a steady growth in volumes.
ICICI Securities has a buy call on Tata Steel and Jindal Steel. It has a hold call on JSW Steel and SAIL.
Nomura expects JSW Steel standalone and Tata Steel standalone to report around Rs 1,900 to Rs 2,000 per tonne sequential decline in realisations.





