Metal shares extend fall; Nifty Metal index down 4% in two days

In 2017, metal index rallied 20% against 9.5% rise in Nifty 50 index till Monday.

Shares of metal companies were under pressure and quoting lower for second straight trading sessions on the bourses on profit booking.

NMDC, Jindal Steel & Power (JSPL), Vedanta, National Aluminium Company, Hindalco Industries and Tata Steel were down in the range of 2% to 4% on the National Stock Exchange (NSE).

At 12:15 pm; Nifty Metal index, the largest loser among sectoral indices, was down 2.1% at 3,068 as compared to 0.51% decline in Nifty 50 index. In past two trading sessions, the metal index slipped 4% against 0.69% fall in the benchmark index.

Thus far in