Nifty Metal index enters bear phase; analysts see more downside

The Nifty Metal index that hit a 52-week low 3,116.8 in intra-day deals on Wednesday, recovered marginally to end 3.15 per cent lower at 3,121 levels

Metal stocks have entered a bear phase (typically described as a fall of 20 per cent or more from peak levels), given the ongoing trade war concerns. 

The Nifty Metal index hit a 52-week low of 3,116.8 in intra-day deals on Wednesday but recovered marginally to end 3.15 per cent lower at 3,121. On a year-to-date (YTD) basis, the index has already lost 21 per cent, compared to a 4.2 per cent rally in the benchmark Nifty 50 index, data shows.

Among individual stocks, Tata Steel, Hindustan Copper, Vedanta, NMDC, and Welspun Corp slipped  between 0.3 per cent and 5.4 per cent