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Amid ongoing global market volatility linked to the US-Israel-Iran conflict, Harish K Ahuja, Head of Sustainability, Power & Carbon Markets, Listing & Social Stock Exchange at the National Stock Exchange of India (NSE), has urged retail investors to remain patient and avoid panic selling.

Speaking to on recent market movements, Ahuja highlighted that the correction is not limited to India but is part of a broader global trend.

“Most of the exchanges across the globe are seeing a correction of 7 to 10 per cent. And this up and down is a part of the very market,” he said.

Addressing retail investors directly, Ahuja advised against reacting impulsively to volatility. “My suggestion to retail investors: don’t panic. Show the patience, you are an investor, not a trader,” he said.

He further noted that despite short-term fluctuations, India’s market fundamentals remain strong.

“My understanding of the Indian market, India is growing. Indian fundamentals in terms of GDP growth, inflation, most of the indicators, be it industrial growth, electricity consumption, are very positive,” Ahuja stated.
Emphasising the scale and resilience of Indian markets, he added, “India has witnessed the largest number of IPOs in the world. We are one of the largest exchanges in terms of the number of unique investors and unique accounts.”He also underlined the importance of long-term investing. “Investment means, for me, the definition of investment is once you buy a stock, at least for the next five to ten years, don’t watch the stock daily,” he said.

Ahuja further said that patience is key to benefiting from market growth.

“I think I am always positive about the market because I am a patient investor. Once you have patience, once you understand the fundamentals of the economy and the country as a whole, you should not panic.”

According to him, disciplined and long-term investors are likely to be rewarded despite short-term geopolitical uncertainties.

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The shares of metal companies have seen a sharp decline recently, dropping up to 14% on the past one month amid broader market weakness. This decline follows escalations in the Iran-US war and hawkish commentary from the Federal Reserve, which came on the back of soaring oil prices. However, experts see metal prices rising in the near-term due to the geopolitical tensions.

Federal Reserve Chair Jerome Powell on Wednesday announced the American central bank’s decision to keep policy rates unchanged, as inflation is not coming down as much as they had hoped amid rising geopolitical tensions in the Middle East and President Donald Trump’s tariff flip-flops. Investors are now increasingly eyeing RBI’s upcoming MPC meeting in April.

Normally, tighter interest rate outlook dampens appetite for metals, which are seen as cyclical beneficiaries of rising industrial and infrastructure activity. Additionally, worries around heightened inflation in the US also puts pressure on the stocks.

Middle East war to boost metal prices?

Elara Capital in its report said that average prices of hot-rolled coil (HRC ) and primary rebar have surged by approximately 13% and nearly 20% respectively in the quarter-to-date. “This upward momentum positively influences margin of steel producers. A 19% spike in international thermal coal prices in the past two months, combined with ongoing gas shortages, will likely hinder secondary steel mills’ capacity to cut prices once peak seasonal demand subsides. With competing product prices holding firm, primary long steel prices are poised to remain supported. Gas constraints should further limit supply of galvanized steel, adding upward pressure on prices,” the brokerage said.

It sees aluminium’s near-term prices to remain elevated, fueled by higher thermal coal cost and supply disruptions in the Middle East, which accounts for approximately 8% of global aluminium production.
According to the World Steel Association, global crude steel production began CY26 on a weaker note, declining around 7% YoY to 147.3 million tonnes. China exports roughly 25–30 million tonnes of steel annually to the Middle East. “Disruption to regional shipping routes could force China’s mills to redirect shipments toward Southeast Asia or domestic markets, thereby increasing supply pressure across alternative export destinations. Meanwhile, India’s steel exports to the Middle East have slowed amid freight volatility and rising shipping risks. Cargo originally bound for the EU is increasingly being rerouted via the Cape of Good Hope, extending transit times by ~10–20 days and significantly increasing freight cost,” Elara Capital said.
The domestic brokerage noted that while Indian steel prices continued to rebound in February, the recovery in demand remains moderate, which limits further upside in prices. “Given the ongoing gas shortage, partly driven by supply disruption amid the escalating US – Iran conflict in the Middle East, galvanized steel prices are set to remain firm, due to supply constraints,” it added.
JM Financial in a recent note had said that Indian steel spreads are expected to improve sequentially in Q4 FY26, supported by a sharp recovery in domestic steel prices following the safeguard duty implementation in late December last year. “The escalating USIsrael-Iran conflict has created a sharp upside risk for global aluminium markets, primarily through supply disruption risks in the Middle East,” it added.

“While higher aluminium prices support near-term margins for producers such as Hindalco, persistently elevated prices could eventually weigh on demand. “JSPL (low leverage, high volume growth over next few years) and Tata Steel (CBAM leading to higher prices in Europe, aiding Corus margins) remain our top picks in the space,” the brokerage further said.

Hindustan Copper shares have emerged as the top loser among the metals pack, falling over 14% in the past one month. Hindustan Zinc shares followed, dropping nearly 13%. Notably, the correction in these two stocks follows a sharp rally earlier this year. Tata Steel and JSW Steel shares declined around 11%, while Adani Enterprises shares tumbled 10% and Hindalco Industries fell 7%.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of JNJ, O, ADP, CTAS, FDS, HRL, LOW, MKC, PEP, SHW, SPGI, TROW, WST either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

By Jennifer Nash

The Philly Fed’s Manufacturing Business Outlook Survey is a monthly survey of about 250 manufacturers in the Third Federal Reserve District, which covers eastern Pennsylvania, southern New Jersey, and Delaware. Participants of the survey