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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.
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