Seven metal and mining stocks fell by 0.53% to 4.13% at 12:10 IST on BSE on concerns over the health of global economies.
Meanwhile, the BSE Sensex was up 1.59 points, or 0.01%, to 26,385.66.
The BSE Metal index had underperformed the market over the past one month till 13 October 2014, falling 11.52% compared with Sensex's 2.5% decline. The index had also underperformed the market in past one quarter, declining 11.01% as against Sensex's 5.43% rise.
Sesa Sterlite (down 4.13%), Jindal Steel & Power (down 3.27%), NMDC (down 2.25%), JSW Steel (down 1.35%), National Aluminum Company (down 1.16%) and Hindalco Industries (down 0.53%) declined. Hindustan Zinc (up 0.25%), Steel Authority of India (Sail) (up 0.33%) and Hindustan Copper (up 0.38%) gained.
Meanwhile, Tata Steel lost 1.56%. The company after trading hours yesterday, 13 October 2014 said that its saleable steel production rose 0.31% to 2.21 million tonnes in Q2 September 2014 over Q2 September 2013. The company's hot metal production rose 4.78% to 2.58 million tonnes in Q2 September 2014 over Q2 September 2013. Crude steel production declined 0.91% to 2.26 million tonnes in Q2 September 2014 over Q2 September 2013. Tata Steel's steel deliveries rose 3.53% to 2.11 million tonnes in Q2 September 2014 over Q2 September 2013.
Concerns over the health of overseas economies continued in the wake of last week's weak German economic data and the International Monetary Fund's cut to its global growth forecast.
The International Monetary Fund on 7 October 2014, cut its outlook for global growth in 2015 and warned about the risks of rising geopolitical tensions and a financial-market correction as stocks reach frothy levels. The world economy will grow 3.8% next year, compared with a July forecast for 4%, after a 3.3% expansion this year, the Washington-based IMF said. Some financial markets may be overheating after a sustained period of near-zero rates, according to the report.
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