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Shares of metal companies are under pressure with the National Stock Exchange (NSE) CNX Metal index hits eight-month low as metal prices fell in global markets.
Hindalco Industries, Sesa Sterlite, Tata Steel, JSW Steel, Jindal Saw and Steel Authority of India (SAIL) are down 2-5% on NSE.
At 1204 hours, CNX Metal index, the largest loser among sectoral indices, slipped 2.2% at 2,490 points its lowest level since May 9, 2014. The benchmark CNX Nifty was down 0.32% at 8,273 points.
On January 13, 2015, the LMEX Index of the six main metals traded in London Metal Exchange (LME) slumped 2.2% to close at 2,770, its lowest level since July 2009.
The world economy will expand 3% in 2015, according to a World Bank report, down from a projection of 3.4% in June. Demand for the metal in China, the world’s biggest user, is forecast to slow this year while supply rises globally, Bloomberg report suggests.
Copper slumped as much as 8.7% in London and fell to the daily trading limit in Shanghai, added report.
Among the individual stocks, Hindalco Industries, the largest loser among metal pack, slumped 5% to Rs 144 on NSE. Sesa Sterlite down 4% to Rs 197, followed by Tata Steel (down 3% at Rs 381), Jindal Saw (2.4% at Rs 84) and JSW Steel (2.2% at Rs 972).
Hindalco Industries, Sesa Sterlite, Tata Steel, JSW Steel, Jindal Saw and Steel Authority of India (SAIL) are down 2-5% on NSE.
At 1204 hours, CNX Metal index, the largest loser among sectoral indices, slipped 2.2% at 2,490 points its lowest level since May 9, 2014. The benchmark CNX Nifty was down 0.32% at 8,273 points.
On January 13, 2015, the LMEX Index of the six main metals traded in London Metal Exchange (LME) slumped 2.2% to close at 2,770, its lowest level since July 2009.
The world economy will expand 3% in 2015, according to a World Bank report, down from a projection of 3.4% in June. Demand for the metal in China, the world’s biggest user, is forecast to slow this year while supply rises globally, Bloomberg report suggests.
Copper slumped as much as 8.7% in London and fell to the daily trading limit in Shanghai, added report.
Among the individual stocks, Hindalco Industries, the largest loser among metal pack, slumped 5% to Rs 144 on NSE. Sesa Sterlite down 4% to Rs 197, followed by Tata Steel (down 3% at Rs 381), Jindal Saw (2.4% at Rs 84) and JSW Steel (2.2% at Rs 972).
