The Nifty Metal index declined over 1% on Wednesday as selling pressure was witnessed in Jindal Steel, JSW Steel,
SAIL and Tata Steel
Hindustan Zinc, Vedanta
, NALCO, Hindustan Copper and Welspun Corp also kept the Metal index under pressure.
On the international front, top US and Chinese negotiators held phone talks as the world's top two economies seek to resolve their trade war, according to the media reports. This development comes in more than a week after the two nations declared a truce.
After his meeting with Xi in Osaka, Trump said he would refrain from imposing tariffs on more Chinese products. He had previously threatened to put punitive duties on an additional $300bn in Chinese exports. He also triggered a backlash in the US Congress by agreeing to soften some US export restrictions on components to Huawei, though Trump stipulated that officials would take care to avoid creating new risks to US national security.
Further, investors awaited Federal Reserve Chair Jerome Powell's speech for clarity on the Fed's stand on rate cuts in the US.
Meanwhile, equity benchmark indices were trading in the red with the Sensex declining 62 points at 38,669 levels. The Nifty also fell 19 points to trade at 11,537 levels, struggling to hold its key level of 11,550.