Metal stocks see selling pressure; Tata Steel worst hit

Metal stocks, led by Tata Steel, today saw selling pressure, falling up to 5.5 per cent, after base metals retreated in global markets as China -- the world's biggest consumer of the commodity -- devalued its currency.
Shares of Tata Steel plunged 5.46 per cent to Rs 246.90 per scrip on BSE. The stock was the worst performer among the 30-Sensex scrips.
Among others, Hindalco Industries lost 4.22 per cent, Coal India was down 3.85 per cent and Steel Authority of India Ltd fell by 3.81 per cent.
Similarly, shares of Vedanta went down by 3.05 per cent, JSW Steel (2.02 per cent), Hindustan Zinc (1.82 per cent), NMDC (1.25 per cent), Jindal Steel & Power Ltd (0.61 per cent) and National Aluminium Company (0.26 per cent).

Following the decline in these stocks, the BSE metal index fell by 3.52 per cent to 8,280.50.
"... The additional risk from the devaluation of Yuan is impacting metal and mining stocks," said Vinod Nair, Head of Fundamental Research at Geojit BNP Paribas Financial Services.
China's central bank today devalued its tightly controlled currency by two per cent to improve central parity system, amid slowing down of the world's second-largest economy and recent stock market crash.
Meanwhile, in the broader market Sensex ended at 27,866.09, down 235.63 points.