The Nifty Metal index declined 1% on Wednesday amid selling pressure seen in Jindal Steel
, JSW Steel
, Welspun Corp
, and Hindustan Copper
Shares of Jindal Steel JSW Steel, which declined 4% each, were leading the index’s fall. Shares of Welspun Corp, SAIL, and Coal India
, also contributed to the index’s fall, declining 3% each.
Shares of Welspun Corp declined after the company in its filing
informed that its board approved buyback of its shares at a price of Rs140 apiece, aggregating of up to Rs390cr, the company said in a press note.
Shares of NMDC
, Hindustan Copper, and NALCO
slipped 2% each, while those of Hindalco
, Tata Steel
, and Hindustan Zinc
, dropped 1% each.
Further, weak economic data from China, indicating lower demand, also kept the metal sector under pressure. China on Wednesday reported surprisingly weaker growth in industrial output, fixed-asset investment and retail sales for April, reinforcing expectations of further stimulus measure, while property investment remained the rare bright spot.
Meanwhile, equity benchmark indices turned red during the last trading hours on Wednesday with the Sensex declining 249 points at 37,069 levels. The Nifty dropped 67 points at 11,154 levels.