Steel Stocks Rally After Safeguard Duty Boost

Shares of major steelmakers rallied 2–4% after the government imposed a three-year safeguard duty of up to 12% on select steel imports.

Tata Steel, JSW Steel and Jindal Steel gained on expectations of stronger pricing power and protection from cheaper imports, extending their strong year-to-date outperformance versus the Nifty 50.