Here is why the metal stocks will be in focus on Wednesday

Dow Jones Industrial Average (DJIA) and S&P 500 traded at record highs on Tuesday while NASDAQ was seen trading with weakness. 

The metal stocks have been in focus in 2021 and throughout the second half of 2020. 

The metal stocks after rallying have seen some correction in prices in past few sessions. SAIL saw profit booking after stellar quarterly results.  Several steel stocks such as Tata Steel , SAIL  and JSW Steel have witnessed profit booking from record levels.

The share price of Tata Steel has almost doubled in 2021 alone, even as in one month the share price has gained by more than 11 per cent, thus outperforming the BSE Sensex. Tata Steel is down by almost 6 per cent from its all time highs on closing basis. 

SAIL on the other hand is up by 1.72 per cent in one month and in 2021 alone SAIL is up by more than 70 per cent. Sail is down by ~13 per cent from its highs made in month of May. 

JSW Steel is up by 4 per cent in one montn and is up by more than 85 per cent in 2021 alone. The stock is down by ~5 per cent on closing basis from its all time highs. 

The steel stocks will be in focus on Wednesday trading session as the Dow Jones U.S Iron and Steel Index made afresh 52-week high for itself after gaining more than 7 per cent on Tuesday trading session. The steel stocks rallied in US as the infrastructure bill of $1 trillion was passed by the US senate.  The Dow Jones U.S Iron and  Steel Index is up by more than 89 per cent in 2021 alone while in one year the index has jumped by more than 114 per cent. In one month the index is up by more than 17 per cent.  This indicate the bullishness in steel stocks in US markets. 

Dow Jones Industrial Average (DJIA) and S&P 500 traded at record highs on Tuesday while NASDAQ was seen trading with weakness. 

SGX Nifty is slightly up on Wednesday and indicates a flattish start to the trade with a positive bias.