Metal shares under pressure; Hindalco, JSPL fall 5%

National Aluminum, Tata Steel, Vedanta, Steel Authority of India and JSW Steel were down 2% to 3% on the NSE.

Shares of metal companies were under pressure with Hindalco Industries and Jindal Steel & Power (JSPL) falling 5%  each, while National Aluminum, Tata Steel, Vedanta, Steel Authority of India (SAIL) and JSW Steel were down 2% to 3% on the NSE, due to macro concerns.

At 02:19 PM; Nifty Metal index, the largest loser among sectoral indices, down 2.6% at 3,309, as compared to 0.86% decline in Nifty 50 index. The metal index slipped 11% from its recent high level of 3,714 on September 14, 2018, against a 7% decline in the benchmark index.

Ferrous companies continued their