Metal shares under pressure; Hindalco, Tata Steel down 5%

Nifty Metal index was down 3% as compared to 0.45% decline in the Nifty 50 index at 02:10 pm.

Shares of metal companies were under pressure declining by up to 6% after weaker than expected manufacturing data from China.

Steel Authority of India (SAIL), the largest loser among metal pack, has dipped 6% at Rs 43, while Hindalco Industries (Rs 92), Tata Steel (Rs 330) and National Aluminum (Rs 44) were down 5% each on the National Stock Exchange (NSE).  Vedanta, Hindustan Zinc and JSW Steel were down between 2%-3%.

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At 02:10 pm, Nifty Metal index was down 3% as compared to 0.45% decline in the Nifty 50 index.

Post Budget, since February 29, the metal index had outperformed the market by surging 25% against 11% rise in the benchmark index till yesterday.

The London Metal Exchange’s LMEX Metal Index on Tuesday slid 2.3%, the most in two months. The index had risen 7% in past one-month, till yesterday.