Metal shares continued to slide in trade with Hindalco Industries, Vedanta and NMDC hitting a new 52-week low on the National Stock Exchange (NSE).
The drop was largely on account of a tumble in commodity prices in the international markets. The rout in commodity prices was largely on account of fears of a slowing down in the Chinese markets.
The CNX Metal index was down 1.52 per cent with metal stocks like Steel Authority of India, Jindal Steel and Vedanta among the other losers.
The outlook for the metal sector continues to be bleak given the poor demand across the globe and in the absence of any significant uptick in demand from India.
Should growth in India pick-up we might see some demand uptick. There are also fears that the depreciation of the Yuan may lead to fresh dumping of metal from China thus hurting the domestic metal industry.
GoodReturns.in
Notifications
Settings
Clear Notifications
No New Notifications
Notifications
Use the toggle to switch on notifications
Block for 8 hours
Block for 12 hours
Block for 24 hours
Don't block
To start receiving timely alerts, as shown below click on the Green “lock” icon next to the address bar
Click it and Unblock the Notifications
Close X
Close X
To Start receiving timely alerts please follow the below steps:
Click on the Menu icon of the browser, it opens up a list of options.
Click on the “Options ”, it opens up the settings page,
Here click on the “Privacy & Security” options listed on the left hand side of the page.
Scroll down the page to the “Permission” section .
Here click on the “Settings” tab of the Notification option.
A pop up will open with all listed sites, select the option “ALLOW“, for the respective site under the status head to allow the notification.
Once the changes is done, click on the “Save Changes” option to save the changes.
Click it and Unblock the Notifications
Sign in with Google