Nifty Metal drops ~2% on weak global cues

Shares of MOIL and Hindalco, which dropped 3% each, were leading the index’s fall.

Mar 08, 2019 11:03 IST India Infoline News Service

The Nifty Metal index dropped 2% in Friday’s morning trade on weak global cues amid dismal Chinese economic data. Shares of Hindalco, MOIL, Jindal Steel, Coal India, JSW Steel, and Vedanta.

As per China’s government data, February’s trade balance was significantly weaker at $4.12bn compared to $39.16bn in January. Further, February exports fell 20.7% compared to growth of 9.1% in the same period a year ago, and imports contracted 5.2% in February compared to 1.5% contraction reported in February 2018.

Shares of MOIL and Hindalco, which dropped 3% each, were leading the index’s fall. Shares of Jindal Steel and Coal India also contributed to the fall 2% each. Shares of Vedanta, JSW Steel, APL Apollo Tubes, and Tata Steel also declined 1% each.

Meanwhile, equity benchmark indices were trading on a mixed note on Friday. The Sensex rose 1 point to 36,727 levels, while the Nifty dropped 11 points at 11,047 levels.

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