The BSE Sensex is trading at 40,319.77 down 365.73 points or 0.90% and Nifty50 is currently trading at 11,821.25 down 109.10 points or 0.91%.
Adani Ports, HDFC Life, Nestle India, IndusInd Bank and HDFC are the top gainers while JSW Steel, Hero MotoCorp, Bajaj Auto, Hindalco and Tata Steel are the top losers. Out of 50 stocks traded on the NSE, 13 advanced and 37 declined.
The Nifty Metal index was down over 3% dragged by Jindal Steel & Power slipped 5% and JSW Steel dropped 4%.
Shares of JSW Steel over 4% after the operating profits for the quarter ended Sep-20 was 95.04% higher at Rs3,265cr while the net profits fell by just 37% at Rs1,595cr on a yoy basis.
As per media reports, Credit Suisse has downgraded JSW Steel to neutral from outperform and has raised the target to Rs300 from Rs200 per share and does not see risk-reward favourable anymore. CLSA has maintained sell call on the stock and has raised the target to Rs245 from Rs220 per share.
Shares of Jindal Steel slumped 5% among top laggard on the metal index, Hindalco, Tata Steel and Welspun Corp are down over 3%, followed by SAIL, Coal India, NMDC and RatanMani slipped 2% each.