Metal Stocks Under Pressure For Second Day; Tata Steel, Jindal Steel Fall Up To 3.6%

Markets have logged fresh highs for another day with Nifty hitting new high of 17,793, while Sensex clocked levels of 59,737 after breaching 59,000 levels in the previous session. After robust gains on the Bank Nifty it was seen gaining while the broader markets underperformed.

While in a strong market, all other indices were seen trading in the green, there was some weakness in both the metal as well as the PSU Bank space, which last in the previous day's trade gained up to over 5%..

Metal pack has been seeing losses for the second consecutive session now, with losses to the extent of 1.76% at the time of writing this report. Individually of the 15 constituents of the Nifty metal pack, only 3 of them namely APL Apollo Tubes, Ratnamani and Adani Enterprises traded in the green, while all other traded in the red with weakness extending to over 3% as for Tata Steel and Jindal Steel. Hindalco, JSW Steel, Wel Corp, SAIL, NALCO and Vedanta all traded with losses over 1%.

In the current scenario, manufacturers are confronting the highest steel as well as aluminum prices in several years and amid such a situation they are finding it difficult to obtain the metal.

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