Election Results 2024: Metal Index crashes 10%: NALCO, SAIL, NMDC Hindustan Copper share price dip up to 19%

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NMDC Hindustan Copper share price fell 15-19% during the intraday trades leading to the fall in index.The Public Sector undertaking as National Aluminium Company (NALCO) , Steel Authority of India Ltd (SAIL), NMDC Hindustan Copper led the fall in the Nifty index. The Investor confidence that had remained high on public Sector undertaking as Nalco, SAIL, NMDC and Hindustan copper however got impacted with ruling Bhartiya Janta Party led National Democratic alliance not receiving the mandate as per expectations in the Lok Sabha 2024 elections as indicated by the early trends.Also Read- Multibagger PSU stocks including PFC, REC, RVNL fall up to 25%; Nifty PSE index hits 2-month lowThe other metal companies as Tata Steel, Jindal Steel and Power, JSW Steel, Hindalco Industries Vedanta Ltd , Hindustan Zinc Ltd share prices also saw sharp 6-9% fall and were not much behind the Public sector pack.The confidence on steel demand has remained strong in the country led by government led infrastructure spending and hence the Lok Sabha Election results outcome not meeting expectations meant that the investor sentiments were bound to get hurt, said an analyst at a domestic broking.The APL Apollo Limited share price also corrected more than 5%.

Also Read- Election Results 2024: Nifty Oil & Gas index cracks 13%; GAIL, Oil India, ONGC, HPCL share prices decline 15-25%, RIL 9%Even though analysts remain positive on metal stocks but looking at the volatility in the equity market till government formation is complete, they remain watchful. The other factor to be watched for is the China demand, that also is expected to remain strong.