An analyst from Axis Securities said that SAIL is on the verge of a 'rounding bottom' formation breakout at Rs 130 levels with the current price movement and rising volumes.
Tata Steel gained 1.04 per cent to Rs 140.63. SAIL added 1.25 per cent to Rs 117.44. JSPL advanced 0.92 per cent to Rs 914.70. JSW Steel edged 0.37 per cent higher to Rs 1,037.80.
Tata Steel has settled higher in eight of last 10 Aprils. The stock delivered an average return of 7 per cent in past 10 Aprils. SAIL and Apollo Tubes also closed higher in eight of past 10 Aprils.
Domestic stock investors were looking for safeguard duty on steel, as Vietnam, South Korea, Europe and the US have already imposed or increased tariff barriers against steel imports in the past few weeks.
IndusInd Bank lost 26 per cent of its market capitalisation (m-cap) in the past five sessions amid concerns over accounting discrepancy, and also due to the extension of its CEO's term by the RBI by just one year.
Nuvama suggested 'Buy' on Muthoot Finance, SBI Card, Ashoka Buildcon, Whirlpool of India, Cummins India, SAIL and DRL. It was keeping 'Reduce' ratings on these stocks earlier.
For HAL, Antique said Q3 results were a beat on all fronts and that supply chain normalisation would be a key monitorable. For IRCON International, it was yet another weak quarter.
Shares of Tata Steel, Jindal Steel and Power, Vedanta, NMDC and SAIL are down up to 10% this year.
Select renowned companies including Lupin, Vodafone Idea, NBCC (India), SAIL, Berger Paints and IRCTC are set to announce their results for December 2024 quarter later today.
Vedanta was the worst index performer, plunging 4.47 per cent to Rs 435.20. SAIL slipped 4.42 per cent to Rs 105.60. Tata Steel, JSW Steel and NALCO declined 3-3.7 per cent.
The RBI cut repo rate by 25 basis points to 6.25% on Friday. A reduction in the key lending rate is expected to add to demand for loans for infra and the real estate sectors.